Usually we itemize our deductions and use Turbo tax. In 2021 we purchased a home for my parents to live in. They pay rent but it is below the cost of our mortgage. We have had some minor expenses since purchasing the house (plumbing and AC repair) as well as the loss of money from rent vs mortgage payment. From what I can tell Turbo Tax is telling me we can’t use the property as a deduction because we don’t rent it out at fair market value. Any thoughts on what to do? Should we go to a tax professional this first year or is there a way to figure it out via Turbo Tax?
Yeah, you’re probably in “talk to a CPA” territory here. That’s what I do!