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January 18, 2023
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Rental Property Income - Partial Year

  • January 18, 2023
  • 1 reply
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We started renting our townhome last year - the site we use to get payments stated they would not issue tax form this year as we only rented for a couple months.  Can anyone advise if we still have to report that few months of income?  If so - any articles on how / where to do that would be helpful.

 

Thanks!

Best answer by Anonymous_

Yes, you still have to report the income from the rental use.

 

You may, however, be able to report the income as miscellaneous income (i.e., as a not-for-profit rental) which would eliminate the need to report on Schedule E.

 

See https://www.irs.gov/publications/p527#en_US_2020_publink1000219164

1 reply

Employee
January 18, 2023

Yes, you still have to report the income from the rental use.

 

You may, however, be able to report the income as miscellaneous income (i.e., as a not-for-profit rental) which would eliminate the need to report on Schedule E.

 

See https://www.irs.gov/publications/p527#en_US_2020_publink1000219164