We own an apartment that we are renting out. Our tenants have had significant financial difficulties since the start of the pandemic and in 2022 we allowed them to defer four months' rent until they are able to get back on their feet. They have not yet repaid this rent. The normal rental price would probably be considered fair.
How should we respond when TurboTax asks if the property was always rented at a fair rental price? What are the consequences of saying No to this question?
Should we only consider the actual rent received in 2022 as income and not the deferred rent?
