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Personal use of a residential property

Forum|Forum|6 years ago
February 26, 2020
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Using a 1031 exchange, I purchased three residential properties in 2019. One is a house used as a vacation rental; the other two are small apartment buildings. They are 330 miles away. They need a lot of work. When I am up there to work on the propeties, I will either stay in the house (if it does not have a guest) or one of the vacant apartments. Do the nights I am staying there count as "personal use?" I am up there to work, not recreate. Do the nights I am staying there count as "personal use?"

TurboTax Home & Biz Windows

Best answer by Anonymous_

Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use.

See https://www.irs.gov/publications/p527#en_US_2019_publink1000219188

A

Anonymous_Answer

Employee

Any day that you spend working substantially full time repairing and maintaining (not improving) your property is not counted as a day of personal use.

See https://www.irs.gov/publications/p527#en_US_2019_publink1000219188