My question involves personal property located in the State of: NY
I have a 2 family unit that I rent out. I want to provide one of the units to the mother of my daughter for them to live instead (or as part of) child support payments. How does this get treated for tax purposes? Do I need to declare this a personal use? Do I report the fair market value of the unit as rent received, and then it gets treated as income, even though I am paying the rent as part of the child support? I certainly can't afford to report as income the money I am paying.
Thanks in advance
Brad
I have a 2 family unit that I rent out. I want to provide one of the units to the mother of my daughter for them to live instead (or as part of) child support payments. How does this get treated for tax purposes? Do I need to declare this a personal use? Do I report the fair market value of the unit as rent received, and then it gets treated as income, even though I am paying the rent as part of the child support? I certainly can't afford to report as income the money I am paying.
Thanks in advance
Brad
Gifts: Providing Apartment in Lieu of Child Support
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