If you own a vacation home that you use personally for some of the time, but rent out at other times, determining what is considered personal use and what what I considered rental use can be tricky.
This video explains what is personal use of a vacation home vs. rental use, and gives you an introduction of the IRS's "Vacation Home Rules," when it comes to deductible expenses for vacation rentals.
To see how rental expense are allocated between rental and personal use, and how a rental vacation is reported on a tax return, click here: https://youtu.be/w6c0tAfqSBY
The Tax Geek on Reddit: www.reddit.com/r/askataxgeek
Image Credits:
Wikimedia Commons (CC-SA 2.0-4.0)
Stilfehler Nicholas A. Tonelli
The images of the persons in this video are generated using thispersondoesnotexist.com and any resemblance of these images to any person, living or dead is coincidental and not intended.
Background and Outro Music: George Street Shuffle, Kevin McLeod, http://incompetech.com via YouTube Audio Library
DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or investment advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or investment professional.
The tax information in this video is based on tax law and IRS regulations in place when this video was published, and is subject to the whims of Congress.
