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Investors & landlords
Unfortunately, when you rent below fair market price (ie: not-for-profit), the property is considered a "second home" and few expenses are deductible.
The rental income from this property is reported as Miscellaneous Income in the Less Common Income section at the bottom of Wages & Income.
As your "second home", property taxes and mortgage interest may be included as Itemized Deductions (Your Home under Deductions & Credits). Depreciation is not available for a second home.
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‎April 10, 2023
6:03 AM