Tax implications of Investment Property Income to a minor?
My husband and I just bought an investment property that we intend to rent. We purchased the property for a 10 year old minor with the intention of us making the monthly mortgage payments and the child receiving the monthly rental income (approx. 12K annually) to put in a savings account. Will our 10 year old have to file taxes on this income?
yes and you will lose your ability to deduct or claim his as a dependant.
I advise seeing a tax accountant before you go any further.
Detroit Investment Property
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