I have a rental which i have allowed my son and grandson residence for minimal rent
my son has been ill this year and no rent has been paid. I am concerned how this will affect IRS
the property has shown a loss every year so far.
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Every day you rent below fair rental is considered to be a day of personal use per Section 280A.
As a result, your deductions would be limited to mortgage interest and property taxes (both on Schedule A, subject to limitations).
Personal use?
I own another home nearby which my permanment residence
i was curious if this is a red flag and if I should consider another option or if I am fine continuing with rental until he is on his feet again.
@lp71 wrote:
Personal use?
Yes. See https://www.law.cornell.edu/uscode/text/26/280A
(2) Personal use of unit
For purposes of this section, the taxpayer shall be deemed to have used a dwelling unit for personal purposes for a day if, for any part of such day, the unit is used—
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