I rented my property to my parents for a nominal (under market rate) rent. They ended up subletting it at market rate to someone else and keeping that rental income for themselves.
For my taxes, do I just report the nominal rental income my parents paid me or do I also have to report the income from the sublet my parents did?
Renting below market rate means you have a "not for profit" rental where the income & expenses do not get reported on a Sch E. Income goes on the Sch 1 and the expenses (limited to the income) on the Sch A.
Read all about it ... starting on page 16 https://www.irs.gov/pub/irs-pdf/p527.pdf
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
