My elderly mother wants to rent my second home, I would love to have her near family but it will take a loss financially.
Currently she lives in Texas was sharing a home with a cousin who is now in a nursing home. Mom is 77 and has been disabled for many years. Still pretty independent, she has had a few strokes and a heart attack. She has severe environmental allergies and has had difficulties in apartment living due to the allergies. My 2nd home is perfect for her, but as I said, I will lose about $500 per month because Mom can't afford to pay that much. I can't have her live in my main home as it is too remote and just a bungalow; not to mention we would likely strangle one another.
I work full time, but am having medical problems that are projected to shorten my career, so I don't have disposable income.
Are there tax breaks for reducing the rent on the property so that Mom can live in my 2nd home? Can I claim her as a dependent? Her only means of income is through government disability, not sure if she also receives social security. In any case, her income is low. There are low income housing options, but again, Mom has had so many difficulties with rental properties and her allergies, being older and a little less tolerant of others, etc. She really needs to be in a single family home, which makes the 2nd house an ideal situation. Just not sure that I can take a financial hit like that with my own financial responsibilities. My other living siblings are not in a position to assist in any way.