tax question

[mom-from-missouri]

I am so bad. I am just now doing the taxes....

I have one rental property left. Last year I had no expenses involved with it, (other than my insurance and taxes), and no income from it. I have people living in it, but they are not paying. Basically they are living rent free and keeping it from freezing, keeping the vandals out, doing the mowing and maintenance on it.

So, there is no need for me to list it as a rental, correct???

[creditcardfree]

IRS Publication 527 probably has your answer.

[~bs]

I am so bad. I am just now doing the taxes....

I have one rental property left. Last year I had no expenses involved with it, (other than my insurance and taxes), and no income from it. I have people living in it, but they are not paying. Basically they are living rent free and keeping it from freezing, keeping the vandals out, doing the mowing and maintenance on it.

So, there is no need for me to list it as a rental, correct???

Below market rent probably means the property is personal, there fore no rental deduction or passive losses anyways. Had they been paying rent, you could have depreciation expense. Moot point though.