contactraj
Junior Member
California
I own a house, which I lived for 2 months out of 12 months in 2006, and then rented out for the rest of the year. I moved to a rental place to be a in good school location. I pay more in rent than the rental income that I recieve. Since I am not making any profit from my rental income, does it qualify for "Not Rented for profit", and therefore do not need to report the rental income.
If I must report my rental income,can I also deduct mortage interest from my rental income and as personal expense as second home, since I have lived for 2 months in 2006.
I own a house, which I lived for 2 months out of 12 months in 2006, and then rented out for the rest of the year. I moved to a rental place to be a in good school location. I pay more in rent than the rental income that I recieve. Since I am not making any profit from my rental income, does it qualify for "Not Rented for profit", and therefore do not need to report the rental income.
If I must report my rental income,can I also deduct mortage interest from my rental income and as personal expense as second home, since I have lived for 2 months in 2006.