| My parents are helping me out with my living situation. All three of us are on the mortgage, but they're paying the mortgage while I am paying the HOA and anything else that arises. However, I travel a lot, so I have been AirBnBing the unit while I am gone as of mid-August. My question is: have I gotten myself in a pickle here? ======>>>>>>>NO;HOA fees paid by you is not deductible those are your ordinary expenses of living. if you rented the unit out to tenants, you could deduct it as part of your operating expenses for rental property, but it is not deductible for your personal residence; nether is mortgage interest paid for you by other person.they can not deduct mortgage expenses paid for you on their return. If you are not legally liable for the debt you cannot claim the deduction for the mortgage interest
When calculating the portion I needed to save for tax, I never even considered that it might effect them (poor foresight, I know). How does the taxation of that income work?==========>>>>>>>you do not need to report it as income; it may be treated as a sort of gifts for you.
Are they liable for some of that income, even though they don't even know I have been renting it, or is there a way to protect it from that?======= >>>>>>unless you are the only beneficial owner of the property. as you are co-owners then you each need to report your share of the rental income. You will have to determine the %, which is usually based on the amount you each contributed to purchase the property. For example, if your family member paid 80% of the down payment and you paid the other 20%, then you must claim 20% of the income from that property.
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