I am doing my Father-in-law's taxes. He has supplemented his income with 1 Rental Property. Last year due to COVID he only had 6 days that was rented. There is nothing that I see to adjust for this. It looks like if you didn't have more than 15 days it is not a rental property. Does anyone know of a credit or anything related to the loss of business. He didn't have employees. It was just he and his wife that managed it. Does anyone know anything about this?
You'll need to sign in or create an account to connect with an expert.
It depends whether or not there was personal use.
There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.
There is no loss, there was just no rental income. If this is a true rental, report the income and expenses up to the limitation.
If this was not a personal residence or a vacation home and is a true rental property then report all your income and expenses on the Sch E ... you get to deduct all the operating costs for the property if it was available for rent ... the fact no one rented it (or paid rent) for most of the year is immaterial.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
docbob235
New Member
chuckjim
New Member
Jan Chabot
New Member
redpixel
Level 2
johnvassil
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.