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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.

View solution in original post

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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