Senior Homestead Exemption (Texas)
I have one specific, and one broad question for this community. My young family currently rents (we pay rent) part of my mother's primary residence (she lives there also). She is over 65, so she not only gets the standard Texas homestead exemption, she gets the over 65 exemptions as well.
We would like her to begin the process of writing off portions of her mortgage interest and improvement expenses on the property as business expenses. However, the concern is that doing so could, in some way, affect part or all of her homestead exemption status.
Do you think that writing off those expenses will affect the homestead exemption? Considering your experience, are there any other pitfalls in such a plan you can think may throw a wrench into the idea?