Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I rented my second home to my wife's brother and a friend for less than fair market rental value for all of last year. From my reading, I understand this makes my 2nd house a vacation home and the entirety of last year is counted as personal use days.

Here's where I run into a problem. The tax rules try to break out use of the home based on days it rented versus personal use days. All the days were personal use days, so I'm not quite sure where I need to report the $2500 I received in rent and whether I can apply any deduction against it (other than the standard mortgage and real estate taxes).

Any enlightenment much appreciated.
Print the post Back To Top
No. of Recommendations: 0
where I need to report the $2500 I received in rent

line 21 (other income) on the 1040

whether I can apply any deduction against it (other than the standard mortgage and real estate taxes)

no, just those

WTR
Print the post Back To Top