Tax Rules For Renting to a Relative

It seems like a great idea. A financially stable person wants to help out a struggling family member by offering to rent their property at a bargain rate. Generous, yes. But if you are unaware of the tax consequences, you could find yourself being taxed on the rental income yet having any rental expenses disallowed.

IMG_0418

Today you can find me at Forbes sharing the rules you need to be aware of before renting a home to a relative.

Image: pexels.com

Advertisements

IRS Tax Refund Offset Program Needs Improvement

ITA18FXIBLThe IRS requires that a taxpayer’s refund be used first to offset any outstanding federal tax debt before it can be used to pay offset or applied as a credit on a future tax period. Unfortunately, TIGTA found that isn’t happening.

Today you can find me on Tax Insights sharing TIGTA’s findings.

Image: StockSnap.io/Andrew Pons