I have a rental property that I rent to my daughter. As I don't charge her the standard rental amount, I understand that I have to report this not as a rental but under other income. My question is, since I have a mortgage on this property, can I count the principle that I pay on my mortgage as an expense in determining my income? I understand that I can count the taxes, insurance and interest as an expense.
No, principal payments are not deductible under any circumstance, even when the rental property is being rented at a fair rental value.
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