Hi BH! I'm currently in grad school and living in a condo that I jointly own with my parents. I pay no rent and therefore have no lease. My parents would like to draw down my 529 by paying themselves "rent" on my behalf, up to either my university's published cost of living or fair market rent for the unit (whichever is lower). Does anyone know if it's possible to do this without having an official lease drawn up? It would be very convenient (although perhaps not kosher) if we could make eligible withdrawals from the 529 without having to deal with the paperwork for an official lease, which presumably would cause the 529 "rent" payments to be treated as income for my parents (and therefore defeat the purpose). Thanks! ![:)]( "Smile")
Statistics: Posted by dannyboy — Fri Mar 29, 2024 10:25 am — Replies 5 — Views 311