Question: Dales son is a senior in high school and is planning to go away to college next year. Dale would like to buy a house

Dale’s son is a senior in high school and is planning to go away to college next year. Dale would like to buy a house near the campus and rent it to his son. He comes to you for advice on the tax ramifications of this arrangement. What advice can you give him on setting up a rental arrangement with his son?

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