Hello! My sister and I took advantage of the Family Opportunity Mortgage program to buy our parents a home closer to us this year. My sister put 20% down and will be a “silent partner”. The title is in my wife and I’s name. My parents will be paying us rent, but well below FMV. Since this is an “owner-occupied” second home, I believe we can claim mortgage interest and property tax as deductions on our taxes but do we have to claim the “rent” as income? Is there anything I’m not aware of and should take into consideration when it comes time for taxes? Is this something I could continue to do myself or should I hire a tax professional? Thanks for your assistance!
