Does owning my home for 30 yrs. then I rented it for 2 months, Do I really need all the buying information and financial from the past 30 yrs.?

Forum|Forum|1 year ago
February 19, 2025
1 reply
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Can I just declare the income from renting my home for 2 months, not worry about the deductions. I lived on Social Secuity. Will it really make a difference?

PatriciaV

Employee

No, you are not required to report rental expenses if you are willing to pay taxes on the total rental income. If you didn't receive Form 1099-MISC, you can report this as Miscellaneous Income.

However, if you will continue to rent the home in the future (and not for only two months), you should consider researching your original purchase cost (county records maybe helpful) and keeping track of your expenses on the property. The deductions may prove to be sufficient to offset a great portion of the rental income.

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