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What is impact of renting my house to daughter at fair rental value if I also send her gifts totaling less than annual $13,000, i.e. around $4,000 per year? Can I still deduct rent property expenses on Schedule E?


ANSWER


The BIDaWIZ Team's Answer:

You can deduct the rental property expenses if the monies you gift her of around $4,000 aren't used to pay for rent. We assume that since you are renting the house at fair market value, she isn't using the gift to pay for rent? This is referenced in IRS publication 527.

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