Since you father lives in the house rent free, you will not be able to claim this as a rental house (just as a secondary residence). This is due to the fact that the property is not rented at FMV.
However, you will be able to claim any
mortgage interest, mortgage insurance and property taxes on this rental
property as though it were a second home.
To enter
your Mortgage Interest and insurance in TurboTax Online (for
TurboTax Online sign-in, click Here
, then select "Take Me to My Return") or Desktop, please follow these
steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Mortgage Interest, Refinancing and Insurance and follow the onscreen
instructions.
- Select "add a
lender" and input your information here
To enter
your Property Taxes in TurboTax Online or Desktop, please follow
these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Personal" tab in
TurboTax Home & Business)
- Next click on “Deductions and
credits”
- Next click on "jump to
full list" or “I’ll choose what I work on”
- Scroll down the screen until
to come to the section “Your Home”
- Choose "show more",
then Property Taxes and follow the onscreen instructions
- Enter the property taxes
under "Other Properties"
