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If I rent a house at less than fair value, do I report it on Sch E?
I would have a loss if I report the income, expense and depreciation.
2 Answers
- Bostonian In MOLv 71 decade agoFavorite Answer
You still report it on Schedule E, however your expenses are limited to your rental income only. You cannot show a loss or carry forward a passive activity loss due to the limitation rules or income rules if the property is rented for less than fair market rental value.
If you rent it for less than fair value, the best you can do is break even.
