Question

Question 38 of 75. Which of the following does NOT describe a day of personal use? The property owner rented his house to his employer for $50 a day. The fair market rental value is $75 a day. The owner's brother stayed on the property for a week, paying $500. The fair market rental value in the area is less than $500 a week. The owner's mother stays on the property all year paying $600 a month rent. The property is the mother's principal residence and the fair market rental value is $600 a month. The owner rents his mountain property to an outside party for $500 for a 10-day period in exchange for staying at their lakefront property for $750 for the same time period Mark for follow up

Answer 1

ANSWER

As per the given question,

Option 3rd is correct i.e. owner's mother stays on the property all year paying $600 a month rent. The property is the mother's principal residence and the fair market rental value is $600 a month.

Because :-day of personal use of a dwelling unit is any day that the unit is used by any of the following persons

A member of your family or a member of the family of any other person who owns an interest in it, unless the family member uses the dwelling unit as his or her main home and pays a fair rental price. Family includes only your spouse, brothers and sisters, half brothers and half sisters, ancestors (parents, grandparents, etc.), and lineal descendants (children, grandchildren, etc.)

Option 1st is covered by anyone at less than a fair rental price.

Option 2nd is covered by a member of your family who doesn't uses dwelling unit as his or her main home.

Option 4th is covered by Anyone under an arrangement that lets you use some other dwelling unit.

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