| I don't even know where to start. First, forget about everything you know. Next, you will report the income and expenses of the rental home on Schedule E. You will take 10 months of morgage interest as an expense on the rental property. Since you will probably not have enough itemized deductions for schedule A, you will probably take the standard deduction. Having a rental property is an interesting tax issue and you should get your return prepared by a professional this year. If you can't get in to see one, file an extension and see one as soon as you can. With depreciation and whatnot, I'd guess you won't have an income on the rental property. But, the income from the rental has nothing to do with being "not rented for profit" or with the amount you pay in rent.
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When you are a Bear of Very Little Brain, and you Think of Things, you find sometimes that a Thing which seemed very Thingish inside you is quite different when it gets out into the open and has other people looking at it.
--W. T. Pooh (aka A. A. Milne) | 
03-17-2007, 08:20 PM
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