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Deductions & credits
@mikeceleski wrote:charging her fair rental price (according to an online real estate zip code tool). I reported it all as income, but am setting aside some of her monthly payment as a credit toward her purchase.
If you are reporting that as rent, that is not a credit for the purchase. If it a credit for the purchase, that is not rent and you may not be charging Fair Market Rent, which may mean your "rental" deductions are invalid.
May 28, 2020
10:57 AM
660 Views