Question

If certain conditions are met, an apartment manager can exclude the fair market value of free rent from his or her income.TRUE

Answer 1

True, An apartment management may be able to deduct the fair market value of free rent from his or her salary if certain requirements are met.

What does the phrase "fair market value" mean?

Fair market value (FMV), which is determined by buyer demand and a comparative market analysis (CMA) of surrounding homes with similar qualities, is the price a house will sell for on the open market.

What portion of a housing stipend's income is taxable?

Taxes must be paid by the employee on it. Included are housing benefits as well as housing provided by the employer. Do your employees have a choice between a higher income and housing? If so, the lodging is taxable because an option is offered.

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