Hello all, appreciate the help 🙂
I lived in a condo for many years but this year, I bought a house with my husband and moved into it.
We tried selling the condo but was not successful. Fortunately my sister wanted to move back in town, so she is now living there with her boyfriend. I do not want to profit off my family, so she is just paying me enough to cover my monthly expenses: mortgage, property tax, and HOA. Needless to say it is significantly under market value in terms of "rent".
The condo is still in my name, and we have no written arrangements of any kind, because this is just her landing pad back in town, and she's planning to move somewhere more permanent once she finds what she wants. The plan is to sell the condo when she is ready to move out.
Since I have no intention of owning 2 properties, I am not really interested in any "investment property" deductions... all I'm curious about, is that since this is instead a "personal property" from my understanding, aside from being able to deduct the property taxes and mortgage interest, would I need to report what my sister gives me monthly as "income", because it would be considered "rent"?
