Hello,
I am working on my tax return and stuck with this question, hopefully someone can help me out. I wanted to make sure I do it correctly. I am at Fair Rental Price question, the website explains the rent when people charge is not a fair rental price if it's substantially less than the rents charged for other properties that are similar to your property in your area. I assumed in other word, it's lower than then the rental market? When I checked, it showed that our house would rent it out for around $2100+, but I only rented to this Veteran family for $1800, which I feel it's necessary. So, the question is...I should select "No" to the question "During the time the property was a rental, was it always rented at a fair rental price? If I select "No" I have 2 options, "Days rented at a fair rental price (between 0 and 365). "Personal use during year (between 0 and 364". Hope someone could help me out with this. Thanks so much in advance.
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Response to if my rental is less than fair market value what can I do
Please see the above TurboTax response. As you are renting it for a profit, you should enter the rental income and expenses in the rental section of TurboTax.