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I have a 20 year residential lease with my in-laws. They…

Customer Question
I have a 20...

I have a 20 year residential lease with my in-laws. They rent from me. We added a clause in the lease that it would be valid no matter what rental property they lived in, that is owned by me. So, I do not increase the rent. Am I still allowed to take deductions on upgrades to the unit since the rent is no where near what market rent is now, 7 years later?

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

Colorado,

Lawyer's Assistant: What steps have you taken so far?

We have the lease signed, 7 years ago. They are in a new place last year. and have upgraded that location a lot.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Just want to know if it is legal to take upgrade and regular rental deductions for a place rented to family, not at the market rental amount.

Submitted: 6 months ago.Category: Landlord-Tenant
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Answered in 1 minute by:
12/29/2017
Lawyer: philip.simmons, Lawyer replied 6 months ago
philip.simmons
Category: Landlord-Tenant
Satisfied Customers: 37,483
Experience: 10 years experience in the law
Verified

Hi, My name is***** am an attorney with over 16 years experience. Hopefully I can help you with your legal question.

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Lawyer: philip.simmons, Lawyer replied 6 months ago

Sorry...I am not sure what you mean by

. Am I still allowed to take deductions on upgrades to the unit since the rent is no where near what market rent is now, 7 years later?

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Customer reply replied 6 months ago
My tax guy told me that since we rent to family and the rent is not at market, we cannot take full deductions on the upgrades (there may be other tax implications too). The rent is at $925 and market rent in the area is now $1500.
Customer reply replied 6 months ago
also, is the lease legal - it's signed back in 2012 for 20 years at $925, portable to new rental units we own.
Customer reply replied 6 months ago
we moved them to a new unit in 2016.
Lawyer: Asad Rahman, Lawyer replied 6 months ago
Asad Rahman
Asad Rahman, Lawyer
Category: Landlord-Tenant
Satisfied Customers: 2,527
Experience: Practicing Attorney with 10 years experience
Verified

I believe the lease is valid and enforceable. As for the deductions, I am not aware of them being tied to the rent you are being charged. Can you ask your accountant what regulation he is citing?

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Customer reply replied 6 months ago
If you rent it out below market, it's not considered a rental anymore, but personal property.
Lawyer: Asad Rahman, Lawyer replied 6 months ago

Understood, but capital improvements should still be deductible.

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Lawyer: Asad Rahman, Lawyer replied 6 months ago

If you have any additional questions, just let me know. Otherwise a positive rating would be greatly appreciated.

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Lawyer: Asad Rahman, Lawyer replied 6 months ago

Please let me know if you have any additional questions, otherwise a positive rating would be greatly appreciated.

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