We purchased a house at a sheriff's sale in 2016. We are receiving $1,000 per month from a family member. What form(s) do we need to file?

It sounds like you bought the home, and you are renting the home to a family member.  If this is the case, you will need to report the 1,000 dollars a month as income and you can report rental expenses on schedule E in TurboTax. Your report the rental income and expenses using the Premier version of our software. The purchase price of the home and any renovations that were done to make the home livable would be depreciated as part of the cost of the home.

If the home is being sold to a family member and you are financing the sale, you would need to report the interest income on schedule B and the family member could deduct the interest they paid to you as mortgage interest.

If the home become a home used by you personal or a family member without any rent, the interest paid on any mortgages and property taxes would be deductible as an itemized expense on schedule A.