Our not for profit rental isn't generating enough income to cover monthly costs. We have an income slightly over $150,000 & cannot deduct the expenses. Can I change the designation to a for profit status? Cannot increase rent or evict since it was purchased for PTSD son and family. We are paying taxes, insurance & repairs.
Sorry ... you just have a second home where family lives and helps to pay some of the costs ... nothing to deduct on a tax return except the RE taxes and Mortgage Interest on the Sch A if you can.
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