You asked I rent out my basement of the condo I own & live in. Does that mean I "own" rental property?

[Carl]

If your name (or the name of your spouse if filing a joint return) is on the property deed, then you own it. Period. Make sure when presented the options, that you select the ones for "I converted this property to rental in 2019" and "I rent out a part of my home".

Depending on *your* *specific* and *explicit* situation, the program may or may not offer you the option to do the splits for you. If it does not, then you will have to do the math yourself for the property insurance, property taxes and mortgage interest.

[KathrynG3]

Yes. You are classified as having personal use of a rented dwelling unit.

This means it is treated like a vacation property. If it is rented 14 days or less, the income can be collected and there is zero reporting requirement.

If it is rented 15 days or more, then the expenses need to be allocated.

See IRS Publication 527 Residential Rental Property beginning on page 19 for worksheets for the expense splitting.