@Opus 17 wrote:
My understanding on renting real estate below FMV has been that you can deduct expenses up to income but not more than income. I could be wrong. I've gotten most of my real estate information from @Carl over the years.
I understand but your understanding is not correct according to the Code and Regulations (which Carl, apparently, either has never read or, if so, does not comprehend).
The limitation to which you are referring would apply to not-for profit rentals and to vacation rentals where there is more than the specified amount (in the Code) of personal use.
