Sale of vacation home

Forum|Forum|4 years ago
March 31, 2022
2 replies
17 views

How long does a vacation home have to be a rental to be considered sale of business property

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IRonMaN

Level 15

Some specifics might help in getting some help.

Slava Ukraini!

qbteachmt

Level 15

"How long does a vacation home have to be a rental to be considered sale of business property"

Okay, I'll try:

You have to determine if this was Vacation home (with the minimal rental per the IRS) or it was converted from personal vacation home to Rental as investment/business property. Or, always meant to be managed as Rental. Or...well, that's why more details will matter.

Don't yell at us; we're volunteers

P

PM18HOFAuthor

Level 2

It was never meant as an investment property it was rented for a couple of years while owner was transferred to Switzerland in business. It was rented in 2020 but not at all in 2021 and sold in 2021

sjrcpa

Level 15

Sounds like it was a second home at the time of sale. Not a business property. All gain taxable. Gain to the extent of depreciation claimed is unrecaptured 1250 gain. No loss allowed.

The more I know the more I don’t know.

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