Taxes and joint tenance of vacant land
Here's a thought. I researched online, but haven't spoken to our accountant yet. Upon our offer to her, my mom is still thinking about moving in with us in an attached guest house (our plat bylaws(?) state any additions on our lot need to be attached to the existing house in some way...we're thinking breezeway). We would have it built to fit her needs, and still have to get permits and approval from our builder.
My hubby was considering buying some hunting land. Because she would sell her current residence, she would have no substantial write-off's at tax time. In order for her to still have some type of tax write-off, would she be able to purchase the hunting land jointly with us and have us both be able to use that at tax time (there would be no dwellings, so our current home would be listed as both of our primary residences). I've been researching online and don't quite understand the "joint tenance" for land. I understand about in the event of one owners death, the other gets automatic ownership of the other's half of the property (right?), but can we both claim it?
Having her pay rent isn't an option on our end because then we get messed up at tax time with our deductions, plus I don't believe she's able to claim it, correct?
Any info (or suggestions!) would be greatly appreciated. Like I said, we still have to meet with our accountant, but I'd like to go in there with some sort of agenda to see what works out the best possible way for all of us involved.