Greetings!
I closed on purchasing a home in December of 2021 and lived there for a little over two years. This year I decided to move into my girlfriend's house and rent my house to a very close buddy of mine. I only charge him in rent the EXACT amount I owe on my mortgage every month. So is this money I receive from him considered income even though I make absolutely no profit from it? If it is taxable, is there a way to minimize taxes owed and does that way necessitate itemization or can it be utilized if taking a standard deduction every year?
Thanks for your time!
-Justin
