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    Yanabana's Avatar
    Yanabana Posts: 2, Reputation: 1
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    #1

    Mar 13, 2009, 05:49 AM
    How do I claim a second property that my parents live in?
    I own two houses with mortgages, one in Ohio and one in Kentucky. I rent the house Ohio and the one in Kentucky my parents live in. They pay the mortgage but I pay all taxes and insurance. I live, work and go to school in Ohio. I live with my boyfriend and I do not pay him any rent or anything. I claim my Ohio property as a rental, but I have no idea how to claim the Kentucky property. Is it a rental even though I do not receive any rent? I read somewhere that if a family member resides in the house a certain percentage of the time then it is considered a residence.. do my parents qualify as my family? Can I claim the Kentucky porperty as a secondary residence or does it have to be a rental also?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Mar 13, 2009, 05:53 AM

    It's a rental. Even though the parents pay the mortgage directly, they are paying on your behalf. So what they pay is rental.
    Yanabana's Avatar
    Yanabana Posts: 2, Reputation: 1
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    #3

    Mar 13, 2009, 06:20 AM
    So I would have to file a schedule E (Supplemental Income and Loss) just like I do on the Ohio property and claim the amount of the mortgage payment as rents received. Seems weird since I don't really receive it, but I think it would be in my best interest to do it that way. Thank you for the information.
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