Deductions like depreciation and expenses can still apply, but the income must be reported on the child’s tax return.Owning rental property also comes with liability risks, such as if someone is injured on the property or files a lawsuit over living conditions.

For example, if someone slips and falls on the property and injures themselves, if the property is in your name directly, then that liability can extend to affect you and your other assets.

If, heaven forbid, a tenant or guest gets seriously injured on one of your properties and decides to sue you for damages, then any and all of your assets (both personal assets and investment assets) are exposed to this lawsuit if you are not using an LLC or similar tools for asset protection.

When a couple of people got seriously injured and disabled on the property and sued both our client and his father for upwards of $15 million in damages, the plaintiffs settled with our client for insurance maximums because all of his major assets were protected and hidden behind the WY LLC.

So are you saying you have the right to express an insulting, overbearing, ignorant, ridiculous question, clearly meant to ridicule the people who have just been financially injured, and you don't think it deserves a response? 

. :-)  SOWW is a great organization that provides direct support to our wounded or injured Special Operations throughout all four DoD branches' Special Operation Forces (SOF).  

For example, if an injury occurred at the tenant’s business prior to termination, and the injured person sues the tenant and landlord, the landlord should be able to still seek attorney’s fees from the tenant if it is clear that the indemnification provision survived.

It’s essential to keep any potential legal or financial risks from your investment property separate from your personal assets.For example, if someone were to get injured on your property — even if they were trespassing — you could still be held responsible.

All it takes is one contractor working on your rehab to get severely injured or disabled, or worse, die, while working on your property for you to lose your life's work to one lawsuit.As to taxes, there are a couple of issues here.

What if a tenant or other person were injured on the property and they sued you?