I bought a condo in early 2021 and lived there for a year. I moved out of the country and subsequently rented it out to a family member. I do not have a rental agency. To pay the rent, I have them send me the rent via Venmo, as it was the easiest option. They have been renting since 2022. As I was renting it out at a total loss of $200 a month, I was unaware that I had to report the earnings on the property as I wasn't earning anything.
I also just learned about the 1099-K from Venmo for payments over $20,000, but have yet to receive one.
I am looking to buy another property and in working with the VA Loan officer, they asked for W-2's and found I had not reported my rental earnings and would need to fix this in order to qualify for another loan.
How do I go about reporting a 2 year rental property on my taxes?
