topic Rental Fair Market Value in Investors & landlords

Rental Fair Market Value

davidmloch — Thu, 27 Feb 2025 17:07:30 GMT

When using tax year 2024 TurboTax Premier, in step-by-step mode in Form 1040 Schedule E, it provides median rent based on number of bedrooms, State, and County. For Washington State, Kitsap County, and 3 bedrooms, 1) What is the source of the median rent data? 2) What calendar year is the median rent data from? 3) How many individual rents are used in calculating the median rent (sample size)? Thank you.

Re: Rental Fair Market Value

PatriciaV — Thu, 27 Feb 2025 20:39:51 GMT

The tool in TurboTax is for comparison purposes to assist taxpayers determine if they are receiving fair rent for their rental property. Since this information is not reported to the IRS, you can use any reliable resource to look up the median rent for your area.

An authoritative source for fair market rent is HUD’s Office of Policy Development and Research Fair Market Rents.