time share personal use definition

Forum|Forum|3 years ago
April 6, 2023
3 replies
16 views

Would the definition of personal use include available to be used (whether it was or wasn't)

Taxpayer rented it out for 5 days but they, themselves, did not stay there/use it at all last year ....

ProSeries Professional

This topic has been closed for replies.

T

TaxGuyBill

Level 15

If you are referring to entering the rental days and personal days on Schedule E, no. Only include the days it was actually used.

T

taxes96786

Level 8

If it was rented out during their "personal use time"...then, no it was not used by the taxpayer

L

linducaAuthor

Level 4

I 'm trying to determine whether they had to show the rental income at all.... following the rental time versus personal time...

T

TaxGuyBill

Level 15

Yes, they need to show the rental income.

The less-than-15-day rule applies if the dwelling unit was used as a "residence" by the taxpayer. Your client did not use it as a residence, so the rental needs to be reported.

L

linducaAuthor

Level 4

yup... since just owning it didn't count as personal use, I bit the bullet and showed it on Sched E.

Thanks~

Sign up

Login with SSO

Let's get you signed in

Login with SSO