Renting new condo to son. Do I still get tax deductions?
I have heard from some that I could lose all tax deductions (depreciation, maintenance costs, etc) for renting a property to an immediate family member. This has me concerned. I plan to let my son live in the property as long as he chooses. He will be paying me a small rent, and covering the maintenance fee, utilities, etc.. When I die, he will get the property.
I just want to make sure I don't get in trouble with the IRS for renting to a family member. Is it legal to do this and still claim all of the deductions?
Any help/advice for a newbie GREATLY appreciated!