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fcwm
Level 2
April 6, 2023
Question

Purchased tenant-occupied home, reporting rental income

  • April 6, 2023
  • 1 reply
  • 4 views

Client purchased a home in 2022 that had tenants. They stayed through the end of their lease, about 4 months. Client received a 1099 for rents received. I suspect the answer will be that this needs to be reported as rental activity on Sch E but curious if there are other options? Hoping to avoid depreciation, etc. 

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1 reply

BobKamman
BobKamman
Level 15
April 6, 2023

And what did they do when the lease expired -- move in?  You could always say it was rented without profit motive, just report all the income but not deduct any of the expenses (except interest and property taxes) that used to be allowed as miscellaneous.  

    F
    fcwmAuthor
    Level 2
    April 6, 2023

    Thanks, Bob. I should have included that detail. Yes, they moved into the property as their primary residence. 

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