Lori owns a vacation home that she rents out for about three months each year. Her deduction for expenses allocable to the rental periods is limited to her gross rental income less any home mortgage interest or property taxes allocable to the rental period.

Question

Quizplus · Accepted Answer

This is correct according to IRS rules for vacation homes that are rented out for a portion of the year. The deductible expenses are limited to the amount of gross rental income minus any specific rental period expenses, such as mortgage interest and property taxes.

Lori Owns a Vacation Home That She Rents Out for About