Hey, correct me if I'm wrong, but the IRS website is saying this income is taxable, must be reported and is no longer deductible... apparently they eliminated the misc deduction... please correct if wrong....
From IRS website:
The rental payments are taxable.
When your property is not rented with intent to profit, certain expenses are deductible if you itemize your deductions on Schedule A, Itemized Deductions. You can deduct mortgage interest on your main or second home, real estate taxes, and some casualty losses on the appropriate lines of Schedule A.
Under the Tax Cuts and Jobs Act, the remaining expenses, formerly treated as miscellaneous itemized deductions subject to a 2% limitation on Schedule A, are no longer deductible.
