Turbo tax is not accepting all my rental property deductions like Insurance Property taxes

tlfallatt · ‎May 31, 2019

I am below market value of rental income

MichaelL1 · ‎May 31, 2019

In order for rental expenses to be fully deductible you have to rent at Fair Market Value (FMV). Otherwise it will take the expenses and only some of them up to rental income reported.

If you are renting for the going rate in your area, and cannot get higher rent (due to area or property rented) you may be renting at FMV. The tool in TurboTax is just a guide to help you determine this.

View solution in original post

MichaelL1 · ‎May 31, 2019

In order for rental expenses to be fully deductible you have to rent at Fair Market Value (FMV). Otherwise it will take the expenses and only some of them up to rental income reported.

If you are renting for the going rate in your area, and cannot get higher rent (due to area or property rented) you may be renting at FMV. The tool in TurboTax is just a guide to help you determine this.

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Turbo tax is not accepting all my rental property deductions like Insurance Property taxes