Who would you rather rent to?
A relative you know well and trust, or a total stranger who may wind up trashing your property?
The answer’s obvious, but if you rent to a relative you have to be careful.
You see, the IRS insists that you comply with strict fair-rent regulations and rules concerning your relative’s use of your property. Break the law and you could lose all your deductions and that’s just trouble one of three.
Don’t become the IRS’s next victim, take my advice and read my new article titled Tax Tips: Avoid the Big Triple-Tax Whammy When Renting to Relatives.
Three ways our fact-filled article can help you:
- You’ll learn why charging a “fair rent” is so important. If you’re renting a home or apartment to a relative who’ll be using it as a personal residence, you must charge a fair rent or you could be in big trouble. All will be explained when you read the full article.
- We’ll show you how to avoid a dangerous triple-whammy tax problem. Careful! If the IRS says your rental is really a residence, you’ll pay dearly for your mistake. You’ll learn how to stay out of (very!) hot water when you read the full article.
- We’ll cover other important related issues too. You’ll learn when gift-giving can prove disastrous, why the “good tenant” discount may be a money-saver, why you should beware of part-year rentals, and lots more. You’ll get all the details when you read the full article.