Discussion:Primary Residence becomes Rental in April - Do Vacation Home Rules Apply?
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Discussion Forum Index --> Basic Tax Questions --> Primary Residence becomes Rental in April - Do Vacation Home Rules Apply?
Discussion Forum Index --> Tax Questions --> Primary Residence becomes Rental in April - Do Vacation Home Rules Apply?
| 10 April 2008 | |
| Hi. I have searched the other posts. I plan on allocating interest and taxes to Schedule A for the personal use, and to Schedule E for the rental portion, but I couldn't find if the Schedule E losses would be disallowed because of the Vacation Home rules.
Their personal use is over the 10% of days rented, but it just doesn't seem like a typical vacation home to me. It was a primary residence, and because they moved to a new state due to a job transfer, it became a 100% rental for the rest of the year. Any thoughts? Thanks in advance. | |
| 10 April 2008 | |
| If it is converted to a rental during the year, the personal use to that point is ignored. | |
| 11 April 2008 | |
| If the dwelling unit was a principal residence and the home was rented for a 12-month period, beginning in 2007, the personal use before the rental period is ignored. See Sec. 280A(d)(4). | |
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