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- How do you limit your rental losses when the rental income is below market rent because it is rented to taxpayer's son?
How do you limit your rental losses when the rental income is below market rent because it is rented to taxpayer's son?
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Dlee
Level 1
3 Comments 3
IRonMaN
Level 15
5 hours ago
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I believe the correct route is to pick up the rent proceeds as income. Mortgage interest and real estate taxes go on schedule A and any other expenses are just plain old lost.
Slava Ukraini!
BobKamman
Level 15
3 hours ago
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Who is making the decision that rent is below FMV? And how far is it? Before taking away all the deductions (if Mom does not itemize) consider whether the rent is reasonable given having a reliable tenant who can maintain the property while it increases in value. And is that really rent he is paying, or just reimbursement of some of her expenses?
(Not that I'm defending parents who won't untie the apron strings.)
