All income is reported., No intention to have a permanent residential rental property. [report in year recieved]
Not Rented for Profit
Where to report. Report your not-for-profit rental income on Form 1040 , line 21.
IN Turbotax :On the screen "Your Income Summary," scroll all the way down to the last section, "Less Common Income." Click the Start or Update button
follow prompt.
All income is reported., No intention to have a permanent residential rental property. [report in year recieved]
Not Rented for Profit
Where to report. Report your not-for-profit rental income on Form 1040 , line 21.
IN Turbotax :On the screen "Your Income Summary," scroll all the way down to the last section, "Less Common Income." Click the Start or Update button
follow prompt.
From this post it looks we can also treat it as reduction in the purchase price: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4298564-what-is-the-proper-treatment-of-seller-rent-back-included-in-closing-statement-for-purchasing-a-rental-property">https://ttlc.intuit.com/questions/4298564-what-is-the-proper-treatment-of-seller-rent-back-included-in-closing-statement-for-purchasing-a-rental-property</a>. However I cannot find any IRS reference for it.
Can anyone share the IRS reference if we do can treat it as reduction in the purchase price?
Got the answer. See this post: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/3383082-rent-back-post-settlement-occupancy-agreement">https://ttlc.intuit.com/questions/3383082-rent-back-post-settlement-occupancy-agreement</a>