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TheManPF
Level 1

Taxes on investment Property

I have a rental property that's occupied by a family member can I deduct the taxes on this property?

1 Best answer

Accepted Solutions
tagteam
Level 15

Taxes on investment Property


@TheManPF wrote:

Fair market value "rent" is not being received, so is this be consider personal property use and treated as such? 


Yes, it would be considered personal use property.

 

Property taxes can be deducted on Schedule A (if you itemize) subject to limitations.

View solution in original post

3 Replies
tagteam
Level 15

Taxes on investment Property

More details are required concerning this transaction.

 

In order to treat this situation as a rental property for federal income tax purposes, your family member must be paying you fair rental value for the property and also using it as their principal residence. If that is the case, then you can deduct property taxes on Schedule E.

TheManPF
Level 1

Taxes on investment Property

Fair market value "rent" is not being received, so is this be consider personal property use and treated as such?  This is referencing only the taxes.   

tagteam
Level 15

Taxes on investment Property


@TheManPF wrote:

Fair market value "rent" is not being received, so is this be consider personal property use and treated as such? 


Yes, it would be considered personal use property.

 

Property taxes can be deducted on Schedule A (if you itemize) subject to limitations.

View solution in original post

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