Question

family member rental

Forum|Forum|4 years ago
October 14, 2021
2 replies
0 views

My 86 year old mother who is no longer able to live alone will be moving in with me and using about 50% of the my house as her personal space. She will be paying rent for this space. What do i need to do for tax purposes when filing my taxes? How do i prove rental and deductions for repairs in her area?

G

GeorgeDenseff

When you enter your rental information, you will tell TurboTax that you are renting part of your home. Then select 50% (or the correct percentage) of the home area as rental and answer the questions. Save copies of all your repair costs. Figure depreciation on the portion of the house that you are renting. You need to keep accurate records outside of TurboTax in case you are ever questioned about your entries.

M

Mike9241

just an FYI, your mother must pay you Fair Market Value Rent. if she doesn't you don't report anything on schedule E. taxes and mortgage interest you pay would only be reported on Schedule A as they were beforehand.