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Get your taxes done using TurboTax
No, you cannot deduct the value of fair market rent not charged to a charity.
According to the IRS, you would be claiming a deduction for income you didn’t receive. Rather, the advantage to you is that the rent that otherwise would be included in gross income for federal income tax purposes isn’t received and, as a result, not taxed.
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February 19, 2021
11:43 AM