My brother, sister and I have recently inherited my mother's house in Colorado. It is divided equally. My sister lives in the house with her son. My brother and I live out of state. My sister's rent comes out of her share of the value of the house. Her son pays $500 a month for rent. He signed a lease in November and has paid 2 months rent for 2020. All the money we collect for rent goes into an account for paying taxes, insurance and up keep of the property. It is not intended to be a profit for any of us. So, I'm new to this. Will I have to report this on my tax form? I live in NY. Or do I report it in CO? Or, not at all? If I have to report it are there deductions I can make? I'm confused. Any help is greatly appreciated. Thanks!
