Fundamentals of Taxation 2017
Quiz 8: Rental Property,royalties,and Income From Flow-Through Entities Line 17,form 1040,and Schedule E
Rental Properties That Are Also Used as Vacation Homes Fall
Rental properties that are also used as vacation homes fall under one of two categories: 1)primarily rental; or 2)primarily personal.
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In the case of a primarily personal property,a taxpayer may report a net loss as long as the correct allocation method was used.
The two methods that may be used to allocate expenses between personal and rental use of properties are the IRS method and the Tax Court method.
A primarily rental property may report its income and expenses on a Schedule E.
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