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brahmbhattrd
New Member

How to handle rent that is less than median rent for area?

If I am charging rent that is less than the median rent for an area, how can I account for that on my taxes?
1 Reply
LinaJ2018
Intuit Alumni

How to handle rent that is less than median rent for area?

If you charged rent at below fair rental price, it is not considered as a rental property for business.  Instead, it is treated as a personal-use property, therefore, the rental income received is nontaxable and no rental expenses are allowed for deductions. 

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