A property that has been rented for 120 days and used for personal use for 40 days should be categorized as:

Question

Quizplus · Accepted Answer

A property that is used for personal use for more than 14 days or 10% of the total rental days (whichever is greater) is considered a personal/rental property. In this case, the property was rented for 120 days and used for personal use for 40 days, which means the personal use is greater than 10% of the total rental days (12 days). Therefore, the property should be categorized as personal/rental.

A Property That Has Been Rented for 120 Days and Used