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Can I correct only listing mortgage interest on a condo I rent to family for 3-4 years which I make 0 profit from the rent. got bad advice and never did itemized details?
this property has never been vacant and now I’m trying to sell it
posted
June 4, 2019
4:13 PM
last updated
June 04, 2019
4:13 PM
1 Reply
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Can I correct only listing mortgage interest on a condo I rent to family for 3-4 years which I make 0 profit from the rent. got bad advice and never did itemized details?
If you rented your property to family, yet did not report the rental income for the 4 years they lived in it and paid rent, you need to see a tax pro. This will be much more complicated than you may think, because when you rent to family at below the FMRV, it severely limits your deductions. If your state also taxes personal income, then it's a double-whammy on you. So please seek professional help.
June 4, 2019
4:13 PM
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