First Time
I am looking to buy a condo. My son and another person would live in it while at college and pay me rent. What do I need to do to so I can claim the mortgage interest and property taxes on my deductions? Currently the only property that I own is my primary home.
As long as your son and his roommate are paying you a fair market rent, you report your income and expenses on Schedule E (1040). In addition to mortgage interest and property taxes, you may also deduct the cost of repairs and maintenance, condo association fees, and take a depreciation expense.