@amosij wrote:
What if I rent it to my son just for the mortgage amount which is way less than the average rent in his area? Less than fair market rent
If you go that route, then you have to treat the property as a second home; you can deduct mortgage interest (with certain limitations) and property taxes (subject to the SALT limitations) if you itemize your deductions on Schedule A.
You cannot deduct any of the ordinary and usual rental expenses (e.g., utilities, insurance, repairs).
