@taxhelper wrote:
....continue to get conflicting information from all income is reported to does not need to be reported because it would fall under personal use. Can anyone help?
The income should be reported but, per Section 280A(d), every day a dwelling unit is rented at less than a fair rental price is considered a day of personal use by the owner. As a result, the only expenses that are allowed would be mortgage interest, property taxes, and casualty losses on Schedule A.
Note that income can be entered and expenses deducted on Schedule E if a family member uses the rental as his/her principal residence and pays a fair rental price as rent.
