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Doris711
Level 3
March 4, 2022

Where to report rental income?

  • March 4, 2022
  • 2 replies
  • 11 views

Client out of the country studying for master degree.  Renting condo to friend for the mortgage amount, temporarily.  Is the rental income reportable?  If so, where do I report it?  Can expenses be claimed? If so, where?  

Thank you for your assistance. 

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    2 replies

    T
    TaxGuyBill
    Level 15
    March 4, 2022
    @Doris711 wrote:

     Renting condo to friend for the mortgage amount, temporarily. 

    Is the rental income reportable? 

    If so, where do I report it?  Can expenses be claimed? If so, where?  

     

    Is that rental amount at Fair Market Value?

    Yes.

    Depends on #1.

      D
      Doris711Author
      Level 3
      March 5, 2022

      Yes, rent being paid is FMV. 

      qbteachmt
      qbteachmt
      Level 15
      March 5, 2022

      You can google:

      Where to report rental income on 1040

       

      Don't yell at us; we're volunteers
      qbteachmt
      qbteachmt
      Level 15
      March 4, 2022

      "Renting condo to friend" <== meaningless for tax reporting

      "for the mortgage amount" <== meaningless; that's how they determined how much to charge. The Charge is what matters, not how they got there.

      "temporarily" <== meaningless, except they might still be subject to landlord provisions, need to worry about insurance, etc.

      Make sure to understand what matters and what doesn't.

      Don't yell at us; we're volunteers
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