Taxpayers who use a vacation home for both personal and rental use generally must allocate expenses associated with the home between personal and rental use.

Question

Quizplus · Accepted Answer

This is correct as per IRS rules, taxpayers who use a vacation home for both personal and rental use are required to allocate expenses associated with the home between personal and rental use. This helps determine the deductible rental expenses and taxable rental income.

Taxpayers Who Use a Vacation Home for Both Personal and Rental