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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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@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.
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"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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Yes, rent being paid is FMV.
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You can google:
Where to report rental income on 1040
Don't yell at us; we're volunteers
