"rental"..... what to do with it.
TP is middle to upper 6 figure AGI. Has been a long time. TP is 72.
TP's daughter got divorced. The daughter is 52. Lower-income my area (maybe 30k).
TP purchased for cash home for her daughter to live in post-divorce. Rent-free. The daughter pays her own utilities. TP pays property taxes and maintenance. TP hopes that the daughter will put herself in a position to pay rent but only for normal maturity reasons. Would be nice to cover TP costs.
Basically, the "rental" is just a capital asset is what I have advised TP. I can't come up with any other scenario. Looking for ideas. I know this is.....not....an uncommon occurrence on a national basis. That is a real property being used by a family member rent-free for a "period of time".
Any ideas on how to "own it" other than mine is appreciated.
