Bought a home for in laws do i have to treat it as rental property?

[hughesbud]

Mom pays portion of the mortgage, do I have to treat the house as rental property?

[TomD8 · Accepted solution]

You can't treat it as rental property unless they're paying you fair market rent.  If a house is rented to a family member, those days are treated as personal use days by the owner of the property, unless the property is rented for fair market value for use as the family member’s principal residence.

Fair market rent is the rent you'd charge to an unrelated person to rent the property, or the going rental rate in your area for similar properties.

[hughesbud]

Awesome, that will really help us.  Thanks for the information

[jpd43]

I am renting a property to my son for less than market value. When I fill out the form it asks for # of days at market value and number of days personal use. I put 0 market value and 365 personal use and it seems to not be correct. What gives?

[TomD8]

A property rented to a family member at below Fair Market Rental Value is not considered a rental property at all for tax purposes.

You are in the section of TT asking questions about rental properties.