Tax Rules for Renting Your Home to Family Members
Автор: Merrill Taylor - Tax Tutor
Загружено: 2025-11-10
Просмотров: 716
Renting your house or condo to a family member can trigger serious tax issues if you don’t charge fair market rent or follow proper rental procedures.
The IRS may reclassify the property as a personal residence, limiting deductions, disallowing losses, and potentially creating gift tax obligations.
Key pitfalls include charging below-market rent, failing to use a proper lease, personal use exceeding vacation home limits, and poor documentation of payments and repairs.
To stay compliant, landlords should charge fair market rent, use a formal lease with deposits and late fees, document all transactions, and separate personal and rental use days.
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