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- PERSONAL DWELLING RENTED OUT 90 DAYS OF THE YEAR
PERSONAL DWELLING RENTED OUT 90 DAYS OF THE YEAR
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IBSHERR
Level 2
04-08-2021
11:52 AM
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I have a client who bought a personal residence that is used for the summer season as a rental. I figured out the % of deductions allowed. the money they collected was 7500.00. actual expenses were 11500. I believe I read you can deduct up to the money received. True? There is no depreciation as is it not considered a rental property, but a personal dwelling. I'm thinking like a air b & b? Where would I report the income and expenses without calling it a rental, but a personal dwelling used for seasonal rental activity.
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1 Comment 1
sjrcpa
Level 15
04-08-2021
12:01 PM
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It's a vacation rental under IRC Section 280A. Enter as a rental property in Lacerte. Answer the questions about personal use days, etc. Lacerte will do the calculations.
No depreciation is not accurate, although it probably won't be allowed.
The more I know, the more I don't know.
