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Level 2
November 23, 2024
Question

Where to enter personal use of short term rental in pro connect online for a 1065 partnership? I have already entered personal days and rental days but not sure where to enter the calculated dollar amount.

  • November 23, 2024
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    1 reply

    George4Tacks
    Level 15
    November 23, 2024

    https://taxsmartinvestors.com/how-does-the-14-day-personal-use-of-rental-properties-apply-to-partnerships/

    Consider making the value of the rent that would have been charged an income and also make it a distribution to the partner that used the property. 

    I will guess others will have some great suggestions. I assume that this was done BEFORE they even though of personal use of a shared property. 

    Answers are easy. Questions are hard!