I am renting my rental house for below market value about $350 per month. Do you have an suggestions to where I can put this down on my rental property section? Thanks

[colindavies]

When I checked if my rental was near market value (I'm charging  $1,000 and the houses around my rental house are going for around $1350. Please advise  if a can deduct any value that I'm missing.

[IsabellaG · Accepted solution]

There is no deduction for renting your property at below market rates. In fact, the problem with not renting your property at Fair Rental Value (FRV) is that you aren't allowed to claim a loss if your expenses exceed your income. 

When you enter your property in TurboTax, you are asked it you rented the property at a fair rental price. Every day that is rented at less than FRV is considered as a day of personal use.

Are you sure that your particular property is actually rented for less than it could be? Are there any factors about your property that would result in a lower fair rental value? You should be sure before you make this determination.