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Investors & landlords
Basically what you have is a cost sharing arrangement. The fact this arrangement is will a blood relative usually makes it easier to substantiate - especially if the relative is not married. From what I see, you have no reason to convert anything to a rental or to report the income from your sister. Just consider the entire property your personal residence and claim your mortgage interest and property taxes on SCH A.
‎April 4, 2021
4:31 PM