Primary home put up for rental for 6 months while out of country

Forum|Forum|3 years ago
February 18, 2023
2 replies
20 views

Hi everyone, so i beleive the correct answer is put this income as other income on schedule 1 instead of reporting it on schedule E as rental income. My client took a leave of absence from work to be with his family in taiwan, so around mid July 2022 he rented out his primary residence. He wanted to write off expenses but wanted to confirm with one someone else to make sure.

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Best answer by TaxGuyBill

Assuming it was rented at Fair Market Value, I would put it on Schedule E, but use the rental days/personal days for the "vacation home" treatment (assuming the rental period is expected to be less than a year).

T

TaxGuyBillAnswer

Level 15

Assuming it was rented at Fair Market Value, I would put it on Schedule E, but use the rental days/personal days for the "vacation home" treatment (assuming the rental period is expected to be less than a year).

1

10409000Author

Level 4

Thank you!

BobKamman

Level 15

The gross rental income would have to be reported if you are not using Schedule E. And the expenses would be claimed on Schedule A, but that isn't allowed these days.

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