Skip to main content
Employee
June 1, 2019
Solved

My rental property vehicle deduction indicated I had $2823 deduction then the summary page only shows $58 for 305/60 rental/personal use property. Why would this be?

  • June 1, 2019
  • 1 reply
  • 0 views
No text available
Best answer by view2

If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received.

If personal days exceed 14 days or 10% of the number of days the home is rented (whichever is greater), the IRS considers the property a personal residence and rental loss cannot be deducted.  

see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).

1 reply

view2Answer
Employee
June 1, 2019

If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received.

If personal days exceed 14 days or 10% of the number of days the home is rented (whichever is greater), the IRS considers the property a personal residence and rental loss cannot be deducted.  

see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).