Purchased 7/2017 for son in law until he could get loan by himself in 2018. Bought and set up on contract with him for my protection, a residential land contract. He decided he wanted out of contract in Dec and signed deed back over to me in Jan. He paid me $350 a month, which paid property taxes, homeowners insurance, and rest to principle and interest on my loan. So I made no profit. For 2017 tax year, how do I file this?
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You did not rent your property for profit and actually had no profit, so you do not report this as a rental property.
It is considered as a second home for you and you can claim mortgage interest and property taxes on the house in Schedule A - Itemized deductions.
You did not rent your property for profit and actually had no profit, so you do not report this as a rental property.
It is considered as a second home for you and you can claim mortgage interest and property taxes on the house in Schedule A - Itemized deductions.
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