Essentials of Federal Taxation
Expenses of a Vacation Home Allocated to Rental Use Are
Expenses of a vacation home allocated to rental use are deductible for AGI.
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Compared to the Tax Court method of allocating expenses between rental use and personal use, the IRS method tends to allocate more expenses to personal use than does the Tax Court method.
Taxpayers renting a home would generally report the rental income and expenses on Schedule E.
Jorge owns a home that he rents for 360 days and uses for personal purposes for five days.Jorge is not required to allocate expenses associated with the home between rental and personal use.
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