Hey Guys,
If I were to rent my condo to family/friends for exact amount of my mortgage + insurance + HOA and they pay me via check or any online money transfer services, does it becomes my income where I have to claim on my taxes next year? And do I get to deduct the interest I paid through out the year on that mortgage?
I am trying to rent my condo to a family/friend and only planning on charging them whatever my mortgage + insurance + HOA is.
I do not want to be in a condition next year where I get taxed on the rent I received and cannot deduct the interest I paid on that mortgage.
Thanks.
