Taxgirl Posted March 11, 2011 Report Posted March 11, 2011 I have a client that is renting a duplex to her son and is charging him FMV for rent. Can she deduct interest, taxes, depreciation etc. Thanks! Quote
Pacun Posted March 11, 2011 Report Posted March 11, 2011 I have a client that is renting a duplex to her son and is charging him FMV for rent. Can she deduct interest, taxes, depreciation etc. Thanks! Yes, is the answer. Where, is the question? I don't see a problem on schedule E or A (except dep). E will be better if there is a contract and rent is FMV. Quote
TAXMAN Posted March 11, 2011 Report Posted March 11, 2011 I have seen some go through if FMV rent was at least 70 to 80% due to rental conditions and not getting the property tore up. I have seen some hefty repair bills this year after renter moved out. Quote
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