PatriciaV
Expert Alumni

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.

 

@BekaD3 

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