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12-07-2019
07:08 AM
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I am still checking. It sounds like this is the knowledge base that you are talking about:
Depreciation not limited for Schedule E Vacation Home
https://accountants-community.intuit.com/articles/1741007-depreciation-not-limited-for-schedule-e-va...
I see topic 415 https://www.irs.gov/taxtopics/tc415 that states:
Rental Property / Personal Use
If you rent a dwelling unit to others that you also use as a residence, limitations may apply to the rental expenses you can deduct. You're considered to use a dwelling unit as a residence if you use it for personal purposes during the tax year for more than the greater of:
14 days, or
10% of the total days you rent it to others at a fair rental price.
(the above states limitation MAY apply)
and
List publication 527 https://www.irs.gov/pub/irs-pdf/p527.pdf which I did not necessarily see state you could take the depreciation in full.
I also see this, which is from Lacerte, but would still apply to ProConnect Tax Online:
Number of Days Personal Use
Personal Use of Dwelling Unit
Enter the number of days the taxpayer used this property for personal use. Leave this field blank if the taxpayer did not use the property.
If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses depends on whether you are considered to be using the dwelling unit as a home.
You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of:
1. 14 days, or
2. 10% of the total days it is rented to others at a fair rental price
Note: You must enter at least 15 days personal use, or more than 10% of the days rented, for the program to calculate vacation home expenses. If the taxpayer used the home for fewer than 15 days personal use, or less than 10% of the rental days, enter applicable taxes and interest on Screen 25, Itemized Deductions. See IRS Publication 527 for more information on the rules for vacation homes.
I will see if I am able to find anything else.
Depreciation not limited for Schedule E Vacation Home
https://accountants-community.intuit.com/articles/1741007-depreciation-not-limited-for-schedule-e-va...
I see topic 415 https://www.irs.gov/taxtopics/tc415 that states:
Rental Property / Personal Use
If you rent a dwelling unit to others that you also use as a residence, limitations may apply to the rental expenses you can deduct. You're considered to use a dwelling unit as a residence if you use it for personal purposes during the tax year for more than the greater of:
14 days, or
10% of the total days you rent it to others at a fair rental price.
(the above states limitation MAY apply)
and
List publication 527 https://www.irs.gov/pub/irs-pdf/p527.pdf which I did not necessarily see state you could take the depreciation in full.
I also see this, which is from Lacerte, but would still apply to ProConnect Tax Online:
Number of Days Personal Use
Personal Use of Dwelling Unit
Enter the number of days the taxpayer used this property for personal use. Leave this field blank if the taxpayer did not use the property.
If you use a dwelling unit for both rental and personal purposes, the tax treatment of the rental expenses depends on whether you are considered to be using the dwelling unit as a home.
You use a dwelling unit as a home during the tax year if you use it for personal purposes more than the greater of:
1. 14 days, or
2. 10% of the total days it is rented to others at a fair rental price
Note: You must enter at least 15 days personal use, or more than 10% of the days rented, for the program to calculate vacation home expenses. If the taxpayer used the home for fewer than 15 days personal use, or less than 10% of the rental days, enter applicable taxes and interest on Screen 25, Itemized Deductions. See IRS Publication 527 for more information on the rules for vacation homes.
I will see if I am able to find anything else.