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

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Tina Beasley, Agent, Saint Augustine, FL
Mon Jul 9, 2012
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
Carolyn L. T…, Agent, Leesburg, VA
Mon Jul 9, 2012
Ye-chan,
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
Jim Simms, Mortgage Broker Or Lender, Louisville, KY
Mon Jul 9, 2012
A question for your CPA.

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
0 votes
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