Thank you. That was my first thought as far as how to handle it, but suspected that it would trigger contact from the IRS, which I would prefer not to have to d...
It does matter. When you are renting to a family member for less than Fair Market Value, the IRS deems it as "personal use" and you can only deduct mortgage int...
We purchased a property in June of 2023 to rent to our son at less than Fair Market Value. I was able to get the income onto Sch 1, Line 8j. The 1098 for this p...
Thank you. Yes, I understand that but since there will be a small profit, do I still put it on Schedule 1 as not for profit, or do I put it somewhere else?
Thank you. In 2024 we will have a small profit, with limiting deductions to interest and taxes. Will it then still be treated as not for profit, since it will ...
