rental property as self employment/side gig

[Vellagirl1]

I'm currently renting property (deeded to me) that has a mortgage loan in my deceased father's name.  Would I claim this as income and how would the interest on loan be claimed? 

[CLBHESQLLM]

Hi @Vellagirl1, here is a useful article about how inherited property is taxed: https://en.intuit.com/ttl-us/ls/community/expert-answers/post/6081327600238592

Regarding the rental income itself, whether you claim it on your Schedule C or E will depend on the level of services that you are providing.  Please see this article for information regarding the taxation of that income: https://ttlc.intuit.com/community/tax-topics/help/should-i-report-my-rental-on-schedule-e-or-schedul...

[Vellagirl1]

Would property be considered as inherited property when my name was on the deed, along with my father years prior to his death?  

Thank you for your help.

[CLBHESQLLM]

Hi @Vellagirl1, was the property jointly owned by you and your father and his interest conveyed to you after his passing?

[HasaniJ]

Hi @Vellagirl1, your question is a little more complicated than it may seem.  I would recommend contacting one our local experts on a call and have a more detailed conversation as there are many questions that you would need to be asked to get a better understanding of your situation first.  After this I believe you would receive a more detailed response to help understand where you should start and the options you have.