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The New DU. Reply #1: I may have found answer.
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trof
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Tue Jul-17-07 09:39 AM
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| 1. I may have found answer. |
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"Assignment of income. Income received by an agent for you is income you constructively received in the year the agent received it. If you agree by contract that a third party is to receive income for you, you must include the amount in your income when the party receives it."
-IRS website
So I guess if someone makes my mortgage payments to a third party (the mortgage holder) I'd have to declare it as income.
I'm trying to figure a way for a friend to rent his vacant house without having to show additional income.
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