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Fair Rental Value |
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Fair Rental Value The amount the owner of property could reasonably expect to receive from a stranger for the same type of lodging; generally, the amount at which a home with its furnishings could be rented to a similar size family in a similar location. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The CHACA amended Section 107 by inserting the following phrase at the end of paragraph 2: "and to the extent such allowance does not exceed the fair rental value of the home, including furnishings and appurtenances such as a garage, plus the cost of utilities. Ministers living in church-provided parsonages, for example, do not have to include the fair rental value of their homes in their gross income and may exclude a designated allowance for utilities and upkeep to the extent of actual expenses. To the extent the lessee pays more than a fair market rental value, holds an option to acquire the property at less than its (anticipated) fair market value at the time of exercise, or has otherwise undertaken obligations in excess of fair rental value, the lease may be regarded as a secured loan to or installment purchase by the lessee. |
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