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bren2bhappy
New Member

If the "FMV" is more then what the what you received

The rental property we have is not in very good shape and so we can not get what is deemed the FMV for it i.e. FMV for the are is $1,600 but we only get $850 What happens  since we charge less then FMV?
1 Reply
MichaelL1
Level 15

If the "FMV" is more then what the what you received

Due to the condition of the rental and all you can get is $850, then you answer that you are renting at FMV.

Now if it is a friend or relative and that is the reason you are only getting $850 then you answer "yes" you are renting at less than FMV. 

Renting at less than FMV will reduce the deductions that can be taken. 

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