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Updated 10 months ago,
Tax Filing Advice for Family Member Living in a House (TurboTax filer)
Sorry in advance if this has been asked 100 times. I used the search feature but wasn't successful in solving my problem.
My sister-in-law has been living in one of our houses for 2023. She covers the mortgage, that's all. I'm struggling to figure how which way to file on Turbotax (with rental income or without). Obviously I want to minimize my taxes here. On one hand I don't file it as a rental property, on the other hand I file as a rental with the low rental income. Would there be rental expenses I could write off that would more than compensate for the marginal income?
Is there a different way to look at this?
Thanks