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Home loans
Facts. We paid $4,744 in interest on loan and $1,473 in property tax. Son/family rent for $800/month on property that would easily command $1,400/month. We paid $9,887 for new driveway. About $1,500 for other items, including plumber repair. What I'm hearing is I claim the rent as "Misc Income" on Schedule 1 of 1040. I can claim the taxes and mortgage interest on Schedule A. The driveway replacement gets added to basis of house. I rented for 11 months ($8,800) and paid $6,217 combined in RE taxes and Interest. Net result as I see it is that owning this home, having mortgage and insurance, and renting as "non profit rent" seems like it actually costs me money on taxes. When I included the rent as income and included the deductions on such A, my refund decreased. Sound logical?