Renting property to parents below market value

Hope I am asking this right.

We just purchased a condo owned by our business with the intent to rent it to elderly parents on a fixed income way below market value. Not really concerned with making a profit.

Can we handle the tax issues and still have it owned by the business, or do we have to sell the property from the business and take ownership as a second personal residence to deal with the tax issues?

Thank you

posted

No need to sell because the result would be the same. This is personal use property. The income must be reported but deductions are limited and losses are not allowed.