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Investors & landlords
"I moved out of the country and subsequently rented it out to a family member."
Did you rent to them at FMV (full market value)?
Just a reminder that, if you rent to relatives below FMV, then every day the relative rents the property is considered a day of personal use by you. If you exceed 14 days of personal use, then the IRS does not consider the property to be rental property, and you lose all deductible expenses except mortgage interest and property taxes.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
‎November 29, 2024
9:05 AM
24,565 Views