If you
charged rent at below
fair rental price, it is not considered
as a rental property for business. Instead, it is treated as a
personal-use property. You will need to report the income as other income online 21 of your Form 1040.
IRS considers this as hobby and any related expenses up to the rental
income may be deducted on Schedule A subject to 2% of your Adjusted Gross
Income AGI.
To enter your hobby income and expenses in TurboTax Premier online program, here are the steps:
- Sign in to your account, and
select Take me to my return
- At the right upper corner, in
the search box, type in hobby expenses
- On the screen, Enter
your hobby income and expenses for 2016, enter
your information
