My house is rented in NC for 795. Fair market is 1,200. Do I have to enter in all of my information. When I say the house wasn't at fair market all year, it deletes it

Forum|Forum|7 years ago
June 5, 2019
1 reply
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TurboTax Premier Online

Best answer by PatriciaV

Yes, when you rent below fair market price, you would be considered to be renting "not for profit."

If your expenses (mortgage interest plus property taxes) were more than the rent you received, you are not required to report the income.

Otherwise, the rental income for this period is reported as Miscellaneous Income in the Less Common Income section at the bottom of Wages & Income.

As your "second home", property taxes and mortgage interest may be included as Itemized Deductions (Your Home under Deductions & Credits).

If the rental income exceeded the property taxes and mortgage interest for the property, you may deduct additional costs associated with the house as miscellaneous itemized deductions (Other Deductible Expenses under Other Deductions & Credits). The total of property taxes, mortgage interest, and other expenses that you deduct cannot exceed the amount of rental income you received.

PatriciaVAnswer

Level 15

Yes, when you rent below fair market price, you would be considered to be renting "not for profit."

If your expenses (mortgage interest plus property taxes) were more than the rent you received, you are not required to report the income.

Otherwise, the rental income for this period is reported as Miscellaneous Income in the Less Common Income section at the bottom of Wages & Income.

As your "second home", property taxes and mortgage interest may be included as Itemized Deductions (Your Home under Deductions & Credits).

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