Tax benefit for primary residence in SC
Hi BP folks,
I am planning to transfer part of the ownership of a rental property in SC under my parent's name, so that they could live there and be able to claim it as their primary residence. My question is, if the property becomes a primary residence for my parent, does it still count as a rental property on my end since I still have a larger portion of ownership in it? Am I still able to deduct any expenses in the property?