Vanessa A
Expert Alumni

Investors & landlords

Yes, you will still report it on schedule 1. Whether or not you make a profit, does not determine how it is reported.  The determining factor on how it is reported is based on whether or not it is considered personal use.  And one of the definitions of personal use is renting it below FMV to a family member.  So unless you would raise his rent to FMV, it would be reported on Schedule 1. 

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