TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

2nd house we get under FMV rent from family can I amend past years returns to remove that money as income

Forum|Forum|1 year ago
February 25, 2025
1 reply
0 views

2nd house we get under FMV rent from family can I amend past years returns to remove that money as income

I have been listing that money as income. It has always been under FMV but I have alway included the money in our imcome. Can I amend those past years returns?

Other

No, you should not amend any prior year returns to remove that income. The under fair market rent is still treated as income to you and it is reported on your tax return as income.

The only difference when you are charging under fair market rent is that you cannot deduct expenses other than mortgage interest or property taxes. You cannot depreciate the property or deduct the cost of repairs or improvements.

To learn more, take a look at IRS Publication 527.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"