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- Mar 30, 2005
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- Certified General Appraiser
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- New York
Does the IRS have a defintion of "fair rental value?" I see it referenced, but I can't find the definition.
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Fair Rental Value - IRS
- Thread starter The Warrior Monk
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Pittsburgh Pete
Elite Member
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- May 6, 2008
- Professional Status
- Certified General Appraiser
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- Pennsylvania
Go to the IRS site--definitions provided. I found the following:
Fair rental price. A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property.
Fair rental price. A fair rental price for your property generally is the amount of rent that a person who is not related to you would be willing to pay. The rent you charge is not a fair rental price if it is substantially less than the rents charged for other properties that are similar to your property.
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