It does matter. When you are renting to a family member for less than Fair Market Value, the IRS deems it as "personal use" and you can only deduct mortgage interest and property tax up to the amount of income you receive. You can not have a loss on the property. I need to know how, in Turbotax, I can adjust the interest to a lessor amount and eliminate the tax amount from what is reported on the 1098 for that property. I haven't been able to figure out how to get this adjustment into Turbotax.
