Level 6

Solved

Vacation rental property personal use allocation

Forum|Forum|2 years ago
March 9, 2024
5 replies
25 views

Feel free to tell me this is a stupid question, as long as you also answer it. It must be because I have asked it several different ways and don't get an answer.

I have vacation rental property with personal use. How do you allocate the depreciation? The program doesn't seem to do that. Yes, I enter the rental nights and the personal nights.

Thank you so much. I very seriously need an answer to this question.

ProSeries Professional

This topic has been closed for replies.

Best answer by nancy2

To follow up, the answer to the depreciation number is that you can change the business use % on the Asset Entry Worksheet. You have to do it for each asset apparently. And apparently will have to do it each year.

In case any one else has this issue.

sjrcpa

Level 15

Is this for your partnership question?

Or for the other questions where you didn't specify if partnership or individual?

And stop repeating yourself. Add clarifying language as needed to one of your existing posts.

The more I know the more I don’t know.

N

nancy2Author

Level 6

No one asked for any clarifying language on the partnership question. On the other post, when asked, I gave the clarifying answer, which got no response.

Stop answering if you don't have a real answer.

Just-Lisa-Now-

Intuit Community Champion

@nancy2 wrote:

No one asked for any clarifying language on the partnership question. On the other post, when asked, I gave the clarifying answer, which got no response.

Stop answering if you don't have a real answer.

this is why you shouldnt have more than one thread going about the same situation. People cant keep track of what info has been given already or not.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

shf1957

Level 6

I believe you are to manually lower the depreciation amount by the percentage of personal use for that year. So if the depreciation is 2000 and they used it 50% manually only depreciate it by 1000. same for the property taxes, ho insurance etc..

N

nancy2Author

Level 6

Thank you for your response.

Just-Lisa-Now-

Intuit Community Champion

I could have sworn it adjusted the asset entry % of business use when its a vacation rental with personal use.

I only have 2 of these and when I looked at one of them this year, I saw that last years asset list showed the dwelling as 41.37% business use (they rented for less than half the year , snowbirds)...I thought the program did that for me, but maybe I did the math for that, and I just dont remember it

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

shf1957

Level 6

Best advice I can give you is to see what it was to be at 100 percent.. write it down...then go back and multiply that figure by the percentage of busn use.. and see if the program has altered it to the proper amount. I've had people that have depreciated their building full time every year then one time they use it personally for an entire year.. so what happens is they loose that full year of depreciation. it's never left to take the amount they lost in another year.. it's gone. Hope I helped you.

N

Norman2001

Level 6

You don't say how many rental or personal use days. There are triggers at the 14/15 days event. Pub 527 would probably be helpful to review.

N

nancy2Author

Level 6

Thank you for your response. I have reviewed the publication you suggested. Thank you again.

Just FYI, it appears the program does not adjust based on the rental nights/personal nights.

N

nancy2AuthorAnswer

Level 6

To follow up, the answer to the depreciation number is that you can change the business use % on the Asset Entry Worksheet. You have to do it for each asset apparently. And apparently will have to do it each year.

In case any one else has this issue.

Sign up

Login with SSO

Let's get you signed in

Login with SSO