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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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Sale of vacation home
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PM18HOF
Level 1
03-31-2022
04:25 PM
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How long does a vacation home have to be a rental to be considered sale of business property
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4 Comments 4
qbteachmt
Level 15
03-31-2022
05:44 PM
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"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.
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PM18HOF
Level 1
04-02-2022
09:24 PM
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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
04-02-2022
10:03 PM
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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.
