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Thanks Phil.

Will they need "proof" of the FMV, like an appraisal? Or do they just claim the "idea of its FMV from the realtor" and as long as the IRS doesn't audit and question it, that's fine?

"Someone needs to read up on rental property in IRS Publication 527 for details about the house going forward."

I'll take a look at that for them. But isn't it merely rental income minus rental expenses claimed on Sch E?

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