Rental Basics in 20175>Question Details

Ye-chan, Home Buyer in 43123

Hi, I have rented out my property that I believe to be well below the fair rental price to a non family member. Is that tax deductible?

Asked by Ye-chan, 43123 Mon Jul 9, 2012

Help the community by answering this question:


Renting your property is considered "income" by the IRS unless the rent amount is less than what you are paying for the mortgage. Any repairs that you do to the property will be a write off from the income portion but renting below the normal rental prices in your area is not a deductable thing as it is not an expense..

Speak to your tax advisor for more information.
1 vote Thank Flag Link Mon Jul 9, 2012
Always defer to your accountant as to whether or not this type of income will be a deduction for you. There are other calculations an accountant will discuss when you consult about this rental. Look for this professional to assist with your individual or joint tax return, as it applies to your total tax responsibility.
0 votes Thank Flag Link Mon Jul 9, 2012
A question for your CPA.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Mon Jul 9, 2012
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