Announcement

Collapse
No announcement yet.

Rentals and relatives

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Rentals and relatives

    If parents rent to children at less than FMRV, can expenses up to the amount of rent be taken? If so, what expenses would come off first, deprec?, insurance, taxes, interest?
    I understand that if they rent at 20% less it could be accepted because they would probably take care of the property better. Any suggestions?

    #2
    If Less Than FMV

    Income is reported on Line 21 and interest and taxes on Sch A. That is all. Is not the 20% that is floated now and then from a tax court case which is not precedent?

    Comment

    Working...
    X