FMV Rental Rate When Filing Taxes

[Brandon Bell]

My wife and I work on the road and have roommates who occupied the residence for the entire year of 2022. I was informed that as long as we were not charging over the FMV rental rate it would not be taxed as income. At the time I just got comps from our roommates who were seeing (apartment) rents for around $1,600. We charge them $1,500. I did not file this as income for the year 2022 since this is still our primary residence.

1) Is it correct that the rent must be under the FMV?
2) How do I calculate the FMV?
3) Would it help to have an agreement between roommates and us that we are charging less than FMV?
4) What other items should I consider?