My rental property is rented to my children at below market price. they have not paid for 6 months. how do i enter this on the taxes?

posted

It's as simple as if they had paid the rent. You enter the total rental income actually received in the tax year. If you actually received $0 in rental income, then you enter $0 in rental income and press on.

since all rental was to family members at below-market rent, every day rented to them is considered a personal day. thus the residence is treated as if it was your home. you report no rental income and no rental expenses. if it is a qualified residence, first or second home, claim mortgage interest and taxes on schedule A.