Dr. Friday 0:00
Good day. I’m Dr. Friday president of Dr. Friday’s tax and financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.
Dr. Friday 0:12
Renting your house seems like a pretty easy concept. You rent it out, someone rents it, and then you have it. But sometimes you know what? Your son or your daughter-in-law or somebody needs to rent the house from you. Can you actually deduct that as a rental? That will really depend on the situation. Are they paying you fair rent? Are you trying to make a profit on that rental, or are you basically just having them pay what the mortgage is? Because if that’s the case, you can only write off up to what your expenses were, you can’t take it into a loss. But if they’re really paying rent just like anyone else, it’s a true rental. Making sure you maximize your deduction is what any good tax person should do.
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