Not for Profit Rental requirements, Confused?
I did my taxes at H&R Block this year. They ask me if I was making a profit on my rental property (condo). I said no, based on the mortgage payment, plus HOA dues.
-500 (HOA Dues)
They informed me this made my rental not for profit. Is H&R block correct? The chapters in the IRS books are as clear as mud. I can not figure out for myself if the rental is "Not for Profit". The Market rate for a comparable rental is about 900-1000 in this area.