In 2022, my wife and I helped her sister and husband purchase a home because they could not get a mortgage due to their bad credit. My wife and I are legally the joint owners. All payments are withdrawn from our joint account but are paid back monthly by my sister-inlaw. Does this classify as rental income? Or is this a cost-sharing agreement? What forms do I need to fill out? This is a short-term arrangement and they will be assuming legal ownership in the next 2 years.
Thanks
