We are constructing a place for my father in law to live?
Answer:
Depends. Are you going to be charging him rent or are you building it primarily to provide care for him? Depending on his income and yours and what the situation is, he may qualify as your dependent. If that's the case than there are tax benefits that you may qualify for. You should talk to a qualified tax specialist to find out what your options are.
well your property taxes will go up with the new building and so will your insurance liability so look to see an increase in that. I would talk to you tax attorney to see what you can write off for taking care of your father in law.
Nope - if it increases the value of your property in any way your real estate taxes will go up. If you took out another mortgage you may be able to deduct the interest from your federal taxes - but it won't amount to much and it won't offset the higher real estate taxes.
Only if you are renting it to him, then it will be. Plus you will be able to write off the improvements you've made on your property.
It will increase your property taxes. You might think of doing it with a breeze-way between the two house. Then when you get ready to sell it = you could offer it as one big house. As the breeze-way can be filled in and added to the sq. ft. of your home.
The immigration information post by website user , MyTend.com not guarantee correctness