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V
Vellagirl1
August 30, 2023
Question

rental property as self employment/side gig

  • August 30, 2023
  • 1 reply
  • 0 views

I'm currently renting property (deeded to me) that has a mortgage loan in my deceased father's name.  Would I claim this as income and how would the interest on loan be claimed? 

1 reply

C
chines2
August 30, 2023

Hi @Vellagirl1, 

Regarding the rental income itself, whether you claim it on your Schedule C or E will depend on the level of services that you are providing.  Please see this article for information regarding the taxation of that income: https://ttlc.intuit.com/community/tax-topics/help/should-i-report-my-rental-on-schedule-e-or-schedule-c/00/986375

V
Vellagirl1Author
August 30, 2023

Would property be considered as inherited property when my name was on the deed, along with my father years prior to his death?  

 

Thank you for your help.

C
chines2
August 30, 2023

Hi @Vellagirl1, was the property jointly owned by you and your father and his interest conveyed to you after his passing?

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