@M-MTax it's reportable income and not Sch E. (It would only go on SCh E if the son was paying full market rent).
It is other income - it can go on Line 8Z.
the mortgage and interest goes on Sch A, but the OP states he takes the standard deduction, so it can't be deducted.
This is not a wash of income and expense. It is income
My understanding-
1) if two people, neither of whom own the property, where one roommate is on the lease and one roommate pays the other who then pays the landlord, THIS IS SHARING. Neither own the property. The roomate who name is on the lease does not report the money from the other roommate as income.
2) if two people BOTH own the property, then any rent received is income to be split based on the ownership agreement between the two owners.
3) now we have the "in between situation". One is the landlord and one is the tenant. It is NOT sharing. One is the owner! What are they sharing? That is the Op's situation. The money received from the tenant is rent! I would agree that this situation occurs alot and the owner doesn't report the income, but technically that is not right.
