Hi, I own and live in my own home with my husband in NC. I purchased a home with my son in VA, with the plan that he would live there full time. He lived elsewhere for the first 18 months from the purchase date of the home. We renovated, advertised and rented the home out at FMV during this period. My son did not pay for any expenses during this time or accept any of the rental income (he also did not contribute to the down payment of the loan etc.). He only provided his signature on the bank loan. He now lives in the home full time. Does my son have to amend his tax return for those two tax years to report in some way that the house was rented?
Thank you in advance!
KT
