hgtc
Level 5
‎02-09-2022 01:48 PM

Taxpayer owns a residential rental property.  In 2021, they used personally from Jan to June (adult kids lived there) and rented from July to December (is still renting out right now.)

How should we depreciate the property and report rental expenses?  Should we prorate based on the % of personal usage vs tenant occupied?

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IRonMaN
Level 15
‎02-09-2022 01:53 PM

Sounds like the date put into use was somewhere around 7/1.


Slava Ukraini!
hgtc
Level 5
‎02-09-2022 02:00 PM

Forgot to mention that it has been rented since 2010.  So, I should allocate only 50% depreciation/other expenses for tax year 2021?

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PhoebeRoberts
Level 11
Level 11
‎02-09-2022 03:04 PM

You might see if the Vacation Home rules apply.

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