A property that has been rented for 180 days and used for personal use for 16 days should be categorized as:
A)primarily rental
B)primarily personal
C)personal/rental
D)all of these are correct

Question

Quizplus · Accepted Answer

This property should be categorized as primarily rental because it was rented out for more than 14 days and the personal use days do not exceed the greater of 14 days or 10% of the days it was rented at fair rental value, which in this case would be 18 days (10% of 180 days). Since personal use is only 16 days, it falls under the primarily rental category.

A Property That Has Been Rented for 180 Days and Used