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June 1, 2019
Solved

If I housed my worker during her time working here, how do I claim the amount of money I could have made to rent the trailer she was living in?

  • June 1, 2019
  • 2 replies
  • 0 views
She was a contract laborer on my horse farm.
Best answer by view2

Loss rent you could have made is not a tax deduction.

Tenant House Expenses

You can deduct the costs of maintaining houses and their furnishings for tenants or hired help as farm business expenses. These costs include repairs, utilities, insurance, and depreciation.

The value of a dwelling you furnish to a tenant under the usual tenant-farmer arrangement isn't taxable income to the tenant.

https://www.irs.gov/publications/p225/ch04.html#en_US_2016_publink1000217951

You might want to contact a tax professional proficient in farm returns as to local,state and federal rules and regulation.   Because housing quality is essential to public health , more rules apply to these arrangements.

2 replies

view2Answer
Employee
June 1, 2019

Loss rent you could have made is not a tax deduction.

Tenant House Expenses

You can deduct the costs of maintaining houses and their furnishings for tenants or hired help as farm business expenses. These costs include repairs, utilities, insurance, and depreciation.

The value of a dwelling you furnish to a tenant under the usual tenant-farmer arrangement isn't taxable income to the tenant.

https://www.irs.gov/publications/p225/ch04.html#en_US_2016_publink1000217951

You might want to contact a tax professional proficient in farm returns as to local,state and federal rules and regulation.   Because housing quality is essential to public health , more rules apply to these arrangements.

Employee
June 1, 2019

Edit: double post.