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Better yet.....
Sell your paid-off house to your children and hold the mortgage. They pay you a mortgage payment each month, you pay them rent. However, the rent is less than the mortgage payment, a net gain every month for Mom and Pop.. It would appear that the children would be losing money, right? Not necessarily. As landlords, they get all the benefits of being able to deduct the maintenance, taxes, insurance, etc. Result: Mom and Pop get additional income, the kids get tax write-offs and when Mom and Pop go to their reward, the mortgage is forgiven and the kids have the house free and clear. Everyone wins.
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Bob S. former owner of a 1984 silver 944
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