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.

Question

Quizplus · Accepted Answer

The home is considered a nonresidence. When property that is rented during the tax year is used for even a day for personal purposes, the expenses must be allocated between the rental usage and personal usage.

Jorge Owns a Home That He Rents for 360 Days