grandmabee Posted January 31, 2008 Report Share Posted January 31, 2008 I have a client that rents out their rental house at a lower than FMV. they rent it to their kids. If I mark line 2 on sch E yes then it takes no expense except for depreciation. I think maybe it should be only taking the int and taxes and the balance of expense lost. I'm not sure. When you look up rented not for profit it tells you to put income on line 21 of 1040 and take int and tax on A. other expense on misc subj to 2%. any help? Quote Link to comment Share on other sites More sharing options...
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