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March 3, 2024
Question

Renting a house to our son - Part 2

  • March 3, 2024
  • 1 reply
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We purchased a property in June of 2023 to rent to our son at less than Fair Market Value.  I was able to get the income onto Sch 1, Line 8j.  The 1098 for this property was entered as a second home.  The interest exceeds the income.  I know I can’t change the amount of interest or delete the taxes from the 1098 section because it then won't match what was submitted to the IRS.  How do I lower the amount of interest and delete the taxes in Turbotax so the deductions for the property do not exceed the income.  How do I trigger Turbotax to ask me about this next year?  Do I mark the property in some way so Turbotax automatically does the calculation and adjustment if in the future the interest and taxes on that property exceed the income?

    1 reply

    Employee
    March 3, 2024

    Your other thread:

     

    https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/renting-a-house-to-our-son/00/3228920

     

    Posting a "part 2" in a new thread makes it confusing for those who are trying to help.  Please keep your related questions in the same thread.

    **Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**