I rented to a relative who I did not charge a fair rental price, yet they lived there all year. How should I record it here?

TeCo1 · ‎June 4, 2019

TomD8 · ‎June 4, 2019

You should report the rental income as Other Income on line 21 of Form 1040. If you itemize, you can deduct the property taxes and mortgage interest (assuming the interest would otherwise qualify as mortgage interest) on Schedule A.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

View solution in original post

TomD8 · ‎June 4, 2019

You should report the rental income as Other Income on line 21 of Form 1040. If you itemize, you can deduct the property taxes and mortgage interest (assuming the interest would otherwise qualify as mortgage interest) on Schedule A.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Expert does your taxes

Do it yourself

Resources

Support

I rented to a relative who I did not charge a fair rental price, yet they lived there all year. How should I record it here?