I bought a second “vacation” home on 7/10/2020. My daughter lives there year round and pays me rent whenever she can. She also has a roommate that has paid me monthly rent religiously since 7/10/2020. My daughter and her roommate share the house equally through the year.
1. I’m reporting as passive income all the roommate rent money. Do I need to report any rent money that I receive from my daughter?
2. Since my daughter and her roommate share the home equally throughout the year I’m assuming I classify the property as personal use at 50% and as a rental property at 50%. That said, I would only deduct 50% of all rental expenses paid like mortgage interest, property taxes, utilities, maintenance expenses, etc, correct?