We purchased a home to rent to our son at less than FMV, as his primary residence. The IRS considers this personal use. I know that income is suppose to be reported on Schedule 1 and the property tax and mortgage interest, up to the rent received, is to be reported on Schedule A. We do not itemize deductions. Where do I instead report the mortgage interest and property taxes, or do I lose those deductions because I am taking the standard deduction?
