Any simple way for temporary rental income

[jasdlm]

Client has a visiting professorship in another State this academic year. Left in September and will return in early July. Client rented his house (for far less than market rent) Sept - Dec (and actually through June 08) mostly to have someone living in the house. Client is living in a faculty apartment at the University he is visiting.

Is there any legitimate way to report this income other than Schedule E? Client has mortgage interest deductions and property tax but no other expenses (other than $100,000 remodel that he wants to deduct, but we've already crossed that "NO" bridge).

I really don't want to apportion RE tax, Mortgage interest, etc. and do depreciation if I don't have to, but I don't want to do something that's not legitimate.

I'm really tired; this is probably just wishful thinking.

Thanks for your thoughts.

[GLJEANNE]

Client has a visiting professorship in another State this academic year. Left in September and will return in early July. Client rented his house (for far less than market rent) Sept - Dec (and actually through June 08) mostly to have someone living in the house. Client is living in a faculty apartment at the University he is visiting.

Is there any legitimate way to report this income other than Schedule E? Client has mortgage interest deductions and property tax but no other expenses (other than $100,000 remodel that he wants to deduct, but we've already crossed that "NO" bridge).

I really don't want to apportion RE tax, Mortgage interest, etc. and do depreciation if I don't have to, but I don't want to do something that's not legitimate.

I'm really tired; this is probably just wishful thinking.

Thanks for your thoughts.

You could enter it as a not-rented-for-profit: Income goes on 1040 Line 21, mortgage & interest as normal on Schedule A. Any other expenses as misc itemized deductions, subject to the 2% rule.

[jasdlm]

Thanks so much!

[michaelmars]

you could consider those monthly payments a gift instead of rent! and avoid the whole issue, after all i doubt the alleged tenant is issuing a 1099 [see other thread]