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M
m-hern1211
March 4, 2020
Question

Family member has at home daycare and wanted to expand. A second home was bought in my name. It is now my primary residence. The mortgage is paid by family member and I pay for utilities. Do I claim i

  • March 4, 2020
  • 1 reply
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Do I claim income? If so, how do determine what amount and what type of rental would it be considered?

1 reply

K
klehnhardt
March 5, 2020

If the amount your relative paying you is less than the Fair Market Value of similar properties in the area then you cannot report the rental on a Schedule E. You will need to add the income as Other income on line 21 on your return.

 

See Rental income below fair market value.

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