I recently was accepted to grad school at West Virginia University and moved from my Austin, TX home at the end of May; I have an intent to return after two-three years. I decided to rent my house out to 3 guys. One of the guys, a friend I trust, manages the house for $100 discount off his rent. I pay all HOA fees, Utility Bills, and Trash. The combined rent pretty much covers my mortgage cost and utilities; not a lot of profit if any. IN the past I received a MCC credit, its a local
credit that the city of Austin offers for first time home buyers with good credit; I'm assuming I won't be able to use this even though I still claim my Austin home as my permanent address, but I'm not occupying at this time? I also changed my home insurance policy on the home to a renters insurance policy. I've been doing a lot of research, but it seems difficult to wrap my head around all the tax
options, so I purchased the program Quicken Rental Property and Personal Finances software which can help me organize everything which is compatible with my Turbo Tax. I know this is a lot of information, but I just wanted to provide you with all the background information so you can better advise me. I guess I just want to make sure I prepare myself for next years tax time and what I should be doing now to prepare for taxes on my given situation. Also maybe I should mention, I am working part-time in Pittsburgh, PA, but not a lot of income from that job, just extra spending cash; that should make things interesting since I live in West Virgina perhaps? Can you help?