rackjeen
New Member

Can i rent my condo principal home to a friend while i stay with a family, in a return they only pay mortgage while i pay other stuff, should I claim rental credits?

 
MichaelL1
Level 15

Investors & landlords

You would set it up as a rental and then TurboTax will ask if rented at Fair Market Value (FMV) and if it is you can deduct expenses in excess of income and have a loss.

If not and is rented below FMV then the expenses are deductible only to income.

TurboTax will help you in computing this.  You will need TurboTax Premier to do this correctly.

Look at the information below:

https://ttlc.intuit.com/replies/4209856