purchased a second home that my son lives in. his roommate pays a small rent that does NOT cover the mortgage. Does this small payment count as rental income?

Forum|Forum|1 year ago
March 2, 2025
1 reply
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note that his rental payment covers less than half our expenses for the second home.

PatriciaV

Employee

If you don't receive Fair Market rent for the space occupied by the roommate, this property is not a rental but is considered to be a second home. The rent is Miscellaneous Other Income and you can claim mortgage interest and property taxes paid on the property under Deductions & Credits >> Your Home.

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