What defines "trying to rent it"

Forum|Forum|3 years ago
March 31, 2023
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TurboTax Online

Cynthiad66

"Trying to rent it" means that you are actively seeking tenants. It also means that the property is available and in proper condition to rent. What are you doing to market the property for rent. If the property is unavailable for rent or being used personally then it is not available for rent.

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Carl11_2

Employee

Do you have a "for rent" sign in the front yard? Maybe you're advertising it's availability on rent.com? Listed with VRBO or AirB&B? Have an ad in the local news paper or other publicly available publication? Any of those would indicate you are "trying to rent it".

Anonymous_

Employee

What defines "trying to rent it"

There is no statutory definition of "trying to rent it".

You could literally argue that telling a couple of your neighbors or a family member that you have property available for rent constitutes "trying to rent it".

There is no statutory requirement that a sign be placed in the yard nor is there any requirement that the property be advertised for rent (on a web site, newspaper, or elsewhere).

Further, the condition of the property is not relevant. If viewed from the other side of this equation, you would be required to report rental income to the IRS even if you had a renter paying you rent for a burnt-out shell of a house that was virtually uninhabitable.