{"@context":"https:\/\/schema.org\/","@type":"CollectionPage","@id":"https:\/\/moneydoneright.com\/tag\/schema\/#CollectionPage","headline":"schema Tag","description":"","url":"https:\/\/moneydoneright.com\/tag\/schema\/","hasPart":[{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","headline":"Below Market Rent: Tax Consequences of Renting Below Fair Market Value","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","datePublished":"2020-03-04","dateModified":"2022-06-28","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/05\/Below-Market-Rent.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/05\/Below-Market-Rent.jpg","height":430,"width":825},"keywords":["schema"],"commentCount":"6","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment1","dateCreated":"2023-10-08 05:34:55","description":"So question for you on this. My condo mortgage is $1140 a month HOA $965. Electric is $115 that only utilities everything else is inlude in HOA dues. Cable is $85. My brother pays $400 a month rent, but he pays electric and cable bills as well. He does and groceries shopping does 60% cleaning and cooking. Per hud fair market for Minneapolis area is $1074. Can I use this for tax deduction?","author":{"@type":"Person","name":"Peter Jorgenson","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment2","dateCreated":"2023-04-03 06:05:20","description":"Not sure but this seems to suggest deductions outside of schedule A would be allowed. https:\/\/www.irs.gov\/faqs\/sale-or-trade-of-business-depreciation-rentals\/personal-use-of-business-property-condo-timeshare-etc\/personal-use-of-business-property-condo-timeshare-etc-1","author":{"@type":"Person","name":"Eric","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment3","dateCreated":"2021-10-13 13:33:47","description":"Hi Brian. In this case, if you're renting it out to someone else for four years, it wouldn't be your primary residence for two out of the last five years, so you wouldn't qualify for the Section 121 exclusion<\/strong><\/a>.","author":{"@type":"Person","name":"Logan Allec, CPA","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment4","dateCreated":"2021-09-21 14:10:46","description":"Great summary. Easy to understand explanation. Question, if you do rent the residence out at below market for say 4 years, can you then sell it and still be eligible for the $500K (MFJ) capital gains exclusion on a primary residence. Or are you still subject to the 2 out of 5 year rule?","author":{"@type":"Person","name":"Brian","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment5","dateCreated":"2019-05-20 12:50:17","description":"Hi Stanley. Those are great questions.\n\nAs you know, in the situation you described, you would be renting your townhome at below market rent. \n\nYou would have to report your rents collected for the year on on Schedule 1, Line 21, where it will flow to page 2 of your 1040 and be taxed at your ordinary income tax rates.\n\nIn terms of deductions, you would not be able to deduct your HOA dues, but you may be able to deduct your mortgage interest (which is only a portion of your monthly payment) and property taxes on Schedule A insofar as these amounts are not limited, respectively, by the $1,000,000 \/ $750,000 mortgage interest limitation and \/ or the $10,000 limitation on the deduction for state, local, and property taxes.\n\nSo yes, it appears that you will have to pay taxes on the $1300 that you're charging as rent when in fact, you're not profiting (or you're at least not cash flow positive).\n\nHowever, as noted in the article, there may be some strategies you can apply to your specific situation that can give you a better tax answer with your below market rental. Since these strategies may or may not be applicable to your situation, it is recommended that you reach out to a qualified tax professional to discuss your options.\n\nYou can certainly convert your townhome to a market value rental property whenever you like. When this happens, you will report your rental income and expenses on Schedule E. However, you will not be able to recoup the deductions you previously incurred when the property was a below market rental.","author":{"@type":"Person","name":"Logan Allec","url":"https:\/\/moneydoneright.com"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment6","dateCreated":"2019-05-19 16:54:05","description":"Thanks for your article. It was exactly my question, and the answer seems clear. However, sometimes we want to be able to serve people in our church family that doesn't make financial sense. Perhaps you can shed a bit more light on a specific situation. My cost to own my townhome is a mortgage of about $1300 and HOA about $400. The market value is about $2000, which our neighbor pays for the comparable unit. However, we'd like to rent it out to a church family for $1300. The question is, how would taxes work, since I'm actually taking a loss? Will I have to pay taxes on the $1300 that I'm renting out for when in fact, I'd would NOT be profiting? \n\nFrom another standpoint, can I rent it out as a below market value for 2 years and then after they move out, to bring it back to at market value rental property?","author":{"@type":"Person","name":"Stanley","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","headline":"The Self-Employment Tax, Explained by a Self-Employed CPA","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","datePublished":"2020-03-04","dateModified":"2021-10-01","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Self-Employment-Tax.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Self-Employment-Tax.png","height":430,"width":825},"keywords":["schema"],"commentCount":"2","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/#Comment1","dateCreated":"2023-08-09 11:47:34","description":"You're welcome, Maggie!","author":{"@type":"Person","name":"Logan Allec, CPA","url":"https:\/\/loganallec.com\/"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/#Comment2","dateCreated":"2023-08-02 18:19:02","description":"Easy to read. Thank you","author":{"@type":"Person","name":"Maggie","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","headline":"The $800 California LLC Tax and California LLC Fee: A CPA Answers All!","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","datePublished":"2020-03-04","dateModified":"2021-10-07","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/05\/California-LLC-Tax.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/05\/California-LLC-Tax.png","height":430,"width":825},"keywords":["schema"],"commentCount":"5","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment1","dateCreated":"2021-07-14 15:42:13","description":"Sounds like it's all California-sourced income to me. $800 LLC tax + LLC fee based on gross receipts.","author":{"@type":"Person","name":"Logan Allec, CPA","url":"https:\/\/loganallec.com\/"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment2","dateCreated":"2021-07-11 20:00:45","description":"How would fees (if any) be assessed if a company is a web only site and the developer lives in California?","author":{"@type":"Person","name":"David","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment3","dateCreated":"2019-07-04 16:35:46","description":"Hello. My husband is a truck driver, he does not own a truck - rather his employer hires him for his driving skills. Should my husband form an LLC or corporation? Does he still owe franchise tax although he spends his time on the road between CA and IL? Thank you.","author":{"@type":"Person","name":"Antoaneta Angelova","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment4","dateCreated":"2019-04-11 12:42:23","description":"I have a similar situation to Evan above. Filed with SOS on April 19 2018. Thanks!","author":{"@type":"Person","name":"Josh","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment5","dateCreated":"2019-04-10 18:30:06","description":"Logan, I have a few questions and are interested if you offer any services. My partner and I started an LLC in August of 2018 and are trying to figure out our tax situation for this year. We are trying to figure out what forms we need to file (pay the $800 and also file some separate tax return? Or just pay the $800). Anyways, would be greatly appreciated if you can get back to me ASAP. Great article.","author":{"@type":"Person","name":"Evan Meyers","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/alabama-business-privilege-tax\/","headline":"Does My New LLC Have to Pay the Alabama Business Privilege Tax?","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/alabama-business-privilege-tax\/","datePublished":"2020-03-04","dateModified":"2021-10-07","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/alabama-business-privilege-tax\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/04\/Alabama-Business-Privilege-Tax-Return.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/04\/Alabama-Business-Privilege-Tax-Return.jpg","height":1132,"width":2201},"keywords":["schema"]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/","headline":"The Ultimate Guide to the Solo 401(k), Written by a CPA Who Has One","url":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/","datePublished":"2020-03-04","dateModified":"2026-08-25","mainEntityOfPage":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/04\/Solo-401k.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/04\/Solo-401k.jpg","height":430,"width":825},"keywords":["schema"],"commentCount":"13","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/#Comment1","dateCreated":"2025-07-26 11:27:25","description":"Hello Logan, I opened a self directed 401 k in 2020. We are 60 years old now and looking to retire. How do I get a monthly withdrawl out of my 401k","author":{"@type":"Person","name":"Ron Simpson","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/#Comment2","dateCreated":"2024-02-18 18:11:36","description":"Logan, great blog. Thanks for the info. \r\nI have an Entrepeneur client that has a solo 401(k) he set up years back for another company. That company is no longer in business but he still has the account. He started another company (S Corp) that is owned 50\/50 with another partner each through their own S Corps. Am I able to contribute to this solo 401(k) for last year into this account of would it be better to set up another SEP IRA for the new business?","author":{"@type":"Person","name":"John Luke Tyner","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/#Comment3","dateCreated":"2023-12-27 10:39:04","description":"Can the \"loan\" of 50k borrowed personally be used for anything? Meaning is that a way to get around the self dealing rule? If the funds are directly invested in a personal asset that would be self-dealing. But what if the loan from the 401k was you personally then you used the money for a personal asset? Is that against the rule?","author":{"@type":"Person","name":"April King","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/passive-income\/stock-investing\/solo-401k\/#Comment4","dateCreated":"2023-10-06 06:54:12","description":"Hi Logan,\r\n\r\nWonderful article! I have a few questions that I haven't found explicit answers to, and I was hoping you could help me confirm or clarify them.\r\n\r\nI have been trading securities for many years with Trader Tax Status (Section 475 MTM). Now, I am starting an LLC with S-Corp taxation and filing the proper paperwork, enabling it to operate with Trade Tax Status. This will allow me to unlock Solo 401k benefits.\r\n\r\n