Newsflash: My parents volunteered to start paying me above-market rent

About six years ago, I bought my parents a Florida condo to live in. They pay me what they could afford in rent, $800 a month. They didn’t have much by way of assets, and since my father had a stroke, he has been unable to work. I’ve taken a loss every year, which I was prepared to do, but the condo has appreciated nicely.About six months ago, my dad came into about $40K from the sale of his stake in a private company. This weekend, he volunteered to increase his rent payments to $2000/mo. Market rent would be more like $1600/mo.I don’t think that it’s a good idea, and turned him down. But I’m wondering if there are there tax or legal implications of collecting rent above market rates. Any advice?

Read more at https://www.reddit.com/r/RealEstate/comments/6kzw6b/my_parents_volunteered_to_start_paying_me/?utm_source=ifttt

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