Can my adult son to live in my 2nd home (has no mortgage) and pay "rent" to cover insurance and property taxes without claiming the "rent" as income? What can I deduct?
046386
4 Replies
Critter
Level 15
Jun 4, 2019 6:08:13 PM
What you have is just family living in your second home and helping with expenses ... you do NOT have a rental so do NOT enter this on your tax return.
As to what you can deduct ... the same as you did before but with the new itemized deduction laws.
And since you don't have a mortgage on the second home, your only deductible item will be the property taxes - subject to the new tax law's dollar limits.
SweetieJean
Level 15
Jun 4, 2019 6:08:16 PM
Does Son plan to claim a State tax rent deduction/credit?
Anonymous
Not applicable
Jun 4, 2019 6:08:17 PM
The property is in TN, no state tax, so no plans to claim this credit.