Just new here, and have never had any involvement with investment properties.
My father has recently passed away and I am the sole benificiary to the estate and the executor.
He had a property worth about $330,000 that I would like to rent out. but there are a few issues.
In his will he has stipulated that my mother (his ex wife) has use of the property until she re marries or dies, at the moment she lives with me but may consider moving into the property in the future, 12 months down the track, however in the meantime, I can't afford to keep it with out renting it out.
Is the estate able to rent it out pending my mother possibly moving into it, the will is worded as she has the use of the property, does use mean that she can rent it out. What are the tax implications?
Another issue is that to may the property livable it needs new carpet, paint, a new stove, a bit of electrical and plumbing work done, if I was to get this done before renting it out are those costs a deduction. Should I wait until I have a tennant to get this stuff done?
As I said I am new to all of this any advice appreciated.
My father has recently passed away and I am the sole benificiary to the estate and the executor.
He had a property worth about $330,000 that I would like to rent out. but there are a few issues.
In his will he has stipulated that my mother (his ex wife) has use of the property until she re marries or dies, at the moment she lives with me but may consider moving into the property in the future, 12 months down the track, however in the meantime, I can't afford to keep it with out renting it out.
Is the estate able to rent it out pending my mother possibly moving into it, the will is worded as she has the use of the property, does use mean that she can rent it out. What are the tax implications?
Another issue is that to may the property livable it needs new carpet, paint, a new stove, a bit of electrical and plumbing work done, if I was to get this done before renting it out are those costs a deduction. Should I wait until I have a tennant to get this stuff done?
As I said I am new to all of this any advice appreciated.