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rdaigle13
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We purchased a home in 2018. The previous owners paid us rent until they moved out 25 days later. how do i report this income?

 
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We purchased a home in 2018. The previous owners paid us rent until they moved out 25 days later. how do i report this income?

Honestly, I would ignore it.  In these arrangements they usually only pay your mortgage payment, not true fair market value, so you aren't making a profit, and you if you show a loss by adding in other expenses, you can't deduct it.  It won't end up being taxable, so reporting the income is more trouble than it's worth.

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We purchased a home in 2018. The previous owners paid us rent until they moved out 25 days later. how do i report this income?

Honestly, I would ignore it.  In these arrangements they usually only pay your mortgage payment, not true fair market value, so you aren't making a profit, and you if you show a loss by adding in other expenses, you can't deduct it.  It won't end up being taxable, so reporting the income is more trouble than it's worth.

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