Rental income

Forum|Forum|1 year ago
February 13, 2025
1 reply
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If I'm buying a house from my father and have renters but has never had an income over 3000 and I have no other taxable income can I get in trouble for tax fraud

Not A Product Question

PatriciaV

Employee

If you are single and your total gross income for 2024 was under $14,600, you are not required to file a tax return. See this article for more information: Do I need to file a federal return this year?

The purchase of a rental property is not reported on a tax return unless you are charging fair market rent. When you rent below fair market value, you are considered to be renting "not for profit."

If you need to file in the future, the rental income would be reported as Miscellaneous Income in the Less Common Income section at the bottom of Wages & Income.

As your "second home", property taxes and mortgage interest may be included as Itemized Deductions (Your Home under Deductions & Credits) if you qualify to itemize your deductions.

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