I have a not-for-profit, out-of-state property rental where the following conditions apply;
1. I pay the monthly utilities, and my tenants reimburse me in cash for the utilities they use (gas, electric, etc). This is the rent I receive (which is well below a fair market rental in that area of the USA).
2. I pay the yearly property taxes.
3. I pay for all any, and all repairs (including a new roof install and electrical conduit repairs - in 2023).
I'm certain all of this will be placed into a Schedule E (Form 1040) by TurboTax (repairs and taxes values on lines 14 and 16, respectively). But I'm not sure if the cash I receive as reimbursement of the utilities qualifies as rents received (Line 3 in Schedule E form) versus Utilities (Line 17).
Any advice/insight on this matter is greatly appreciated.
Thank you.
