Welcome Guest. Register Now!  

LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-27-2011, 10:16 PM
Junior Member
Join Date: Mar 2011
Posts: 1
Below Market Rent


We purchased a home in 2008 that we lived in for 10 months as our primary residence, put it back up for sale and moved to another house that became our primary residence. After 8 months empty and for sale (Oct. 2009), we rented the home below fair market value while still offering for sale. 8 months later (June 2010), the rental ended. We sold the home for $70K less than we paid for it in July 2010.


I understand that by renting at below market rent, the home is considered to have been under personal use. My question is...does the fact that I never rented at FMV disqualify me from deducting a loss (to the extent a loss occurred) on the sale of the home?

Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Is rent below market rates considered income? mctoo Income 4 01-06-2011 03:10 AM
NJ Rent Deduction quickquestion Miscellaneous 0 03-23-2010 11:08 PM
Work in NYC. Rent in NJ or NYC? IceManNY Estimated Taxes 0 10-01-2009 10:41 AM
Rent to own bbirder Rental Real-Estate 2 03-06-2009 01:40 PM
There is no strategy for this dire market! The market confidence has been wrecked! Pancho Investment Strategy 1 11-04-2008 09:41 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 » Income
 » IRA/Sep
 » Medical
 » Payroll
Forum for CPAs
Financial Planning