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steve20
New Member

Are second home expenses still deductible? My daughter lives in it and pays below market rent.

 
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Accepted Solutions
Coleen3
Intuit Alumni

Are second home expenses still deductible? My daughter lives in it and pays below market rent.

For a Not-For-Profit rental, the only deductible expenses are mortgage interest and property taxes, by treating it as a second home. Any other expenses were eliminated with TCJA 2018.

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3 Replies
Coleen3
Intuit Alumni

Are second home expenses still deductible? My daughter lives in it and pays below market rent.

For a Not-For-Profit rental, the only deductible expenses are mortgage interest and property taxes, by treating it as a second home. Any other expenses were eliminated with TCJA 2018.

steve20
New Member

Are second home expenses still deductible? My daughter lives in it and pays below market rent.

Do I include the money she pays as income?
Coleen3
Intuit Alumni

Are second home expenses still deductible? My daughter lives in it and pays below market rent.

Yes
To report:
• Click on Federal Taxes
• Wages and Income
? You may need to click Jump to Full List, Show me everything or I’ll choose what I work on depending upon your situation and the TurboTax version you are using.
• Scroll to the very bottom; Less Common Income; Click Show more (if start isn’t displayed)
• Click Start across from Miscellaneous Income, 1099-A, 1099-C
At the “Other Taxable Income” screen, enter your description – Not for Profit Rental and then amount of income you received.
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