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Vacation rental property in a partnership, personal use question

nancy2
Level 5

I have a partnership with two vacation rental properties.  There is some personal use.  Actually, in 2023, one exceeded the 10% of rental nights rule.  Two questions I guess,

1.  Is there a way for Proseries to allocate the expenses or should I do that calculation myself?  And, should I show the personal expense allocation on the return?  How about depreciation?

2.  The unit that exceeded the 10% rule, my understanding is that only expenses up to the amount of income will be allowed for this year..correct?  And that would include depreciation, correct? So nothing will be added to the passive losses for this year but prior years will carryforward.

Unrelated to current year, but it appears that in prior years expenses may not have always been allocated, but fully deducted.  Since none of that loss has been used, would it be necessary to file amended returns?  Or just recalculate and adjust the carryforward number?

Thank you.

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1 Comment 1
nancy2
Level 5

Bumping

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