Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
Your taxes, your way. Get expert help or do it yourself. >> Get started
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
jackandchaos
New Member

Rental properties are now occupied by children with the intent to purchase. All rent goes toward mortgage, etc. No profit is being made. Do we have to claim income?

 
1 Reply
Coleen3
Intuit Alumni

Rental properties are now occupied by children with the intent to purchase. All rent goes toward mortgage, etc. No profit is being made. Do we have to claim income?

There is no straigtforward answer as it may vary with how the individual has set it up. Whether it ends up being a sale via an installment agreement or rent, the income is reportable.

https://ttlc.intuit.com/replies/4870039

About Community

Learn about taxes, budgeting, saving, borrowing, reducing debt, investing, and planning for retirement.

3.49m
Members

2.62m
Discussions

Manage cookies
v