In my specific case, we have a cottage on our property that we started Airbnbing in May. We have annual expenses like flood insurance. I understand a portion of the flood insurance can be deducted e.g. 10% if 10% of our square footage is the cottage and we only use the cottage for Airbnb guests, not personal use. But since May - December is only 7/12 of the year, would I only be able to deduct 10% * 7/12, or a full 10%?
posted
last updated
June 05, 2021
9:13 AM