You will report the rental income that you receive and then the expenses. The income is reported as passive activity on Schedule E. Since you do not own the home, you will not add the home in the asset and depreciation section.
Federal
Wages and Income
Rental Properties and Royalties
Go through the screen
List the amount that you pay for your rent as a Miscellaneous Expense
You mention that you are renting for below your costs. If you are renting for below fair market value, this can be considered rental not for profit. IRS Pub. 527 Residential Rental Property.
Report your not-for-profit rental income on Schedule 1 (Form 1040), line 8. If you itemize your deductions, include your mortgage interest and mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses from your not-for-profit rental activity when figuring the amount you can deduct on Schedule A.
@erkanalacan
[edited 3/3/2021 | 1:10 pm PST]
You will report the rental income that you receive and then the expenses. The income is reported as passive activity on Schedule E. Since you do not own the home, you will not add the home in the asset and depreciation section.
Federal
Wages and Income
Rental Properties and Royalties
Go through the screen
List the amount that you pay for your rent as a Miscellaneous Expense
You mention that you are renting for below your costs. If you are renting for below fair market value, this can be considered rental not for profit. IRS Pub. 527 Residential Rental Property.
Report your not-for-profit rental income on Schedule 1 (Form 1040), line 8. If you itemize your deductions, include your mortgage interest and mortgage insurance premiums (if you use the property as your main home or second home), real estate taxes, and casualty losses from your not-for-profit rental activity when figuring the amount you can deduct on Schedule A.
@erkanalacan
[edited 3/3/2021 | 1:10 pm PST]
@MaryM428 this is very helpful. Thank you.
The confusing part is the ownership. TurboTax does not allow you to say "I rent this place," so you have to claim you own the place to move forward. Is that ok? I claimed I own 1% of the place to make it as close as 0.
My refund status was not found on where’s my refund on the IRS And my refund state it is accepted by the IRS on TurboTax,And why my refund status not found on where is my refund
It is okay to not answer whether you own or rent. If the 1% does not interfere with calculations, there is no reason to go back and change it. The main idea is that you do not take depreciation on an asset you don't own.