- I received inheritance upon father's death.
- I fell on ice and am out of work for over a year. Might be healed enough by May to resume work which doesn't pay that much anyway but I surely do miss it, cleaning houses for nice folks.
- Solar is being installed at my place next month and will give me a great tax break AS LONG AS MY INCOME IS SUCH AND SUCH which it may not be due to injury and not working a full 12 months this year.
- I want to help my daughter with her mortgage so am wanting to loan her enough money to pay hers off. She will then pay this loan to me monthly.
- This money from her, would that be income? Can I use it as income to get myself to the required amount for this massive solar tax break ?
- The only income I've had lately is interest from the inheritance money that I have not spent on rehabbing this house I've purchased. If I do not loan this money to my daughter, thus claiming the payback as 'income,' I can still make the required amount just from the interest. (IF I don't buy any extras/luxuries whatsoever. For a person who has lived below the poverty line her whole adult life, this would be stuff like a movie ticket, a nicer shower curtain, replacing an ugly lampshade.)
- I'd like not to delay helping her financially, it would take a lot of pressure off her life. My own home, her childhood home way back when, was foreclosed on when, after many surgeries, I simply could not keep up.
- Thanks for reading!!
original posted by CornTofuHash to r/personalfinance on Wed, 28 Feb 2024 13:23:43 GMT.