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Get your taxes done using TurboTax
I know that this is an old thread, but I just wanted to lay out the facts.
Under IRC 280A(d), renting to a family member at below market rents does count as personal uses of the dwelling, which causes the normal rental expenses to be not deductible.
However, it does not circumvent IRC 61(a)(5) which makes the rental income reportable and ultimately taxable.
‎December 24, 2024
1:55 PM