Rental income and income taxes
Wifes house been rented by her mother for last 5 years. My name is not on the deed. She pays enough to cover mortgage, taxes plus 5% for maintenance.
Question,
Can I claim rental income so I can benefit after 2 years on loans?
Also, can we depreciate this house (built 1895) if so how much or what %?
Mentioned this to my regular tax guy last year and he didn't seem like he wanted to go there. I forget his reasoning.
Thanks for any insight.