Can I deduct the cost of new furniture for a vacation rental

Forum|Forum|7 years ago
June 4, 2019
5 replies
46 views

The cost of the furniture is under 2500. We rented 60 days last year and had personal use of approx 21 days.

TurboTax Premier Online

PatriciaV

Level 15

Yes, you may report this purchase as a Rental Expense for your Rental Property. Be sure to allocate the cost based on the time the property was available to be rented.

For example, if the property was listed all year and you used it yourself for 21 days, the maximum number of rental days would be 366 minus 21 = 345. If you spent $2,500 on furniture, you would then report a rental expense of $2,356 ($2,500 x 345/366). The remaining amount is not deductible as a personal expense.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

christopherdwyer08

Level 2

Can I expense/deduct furnishings for my vacation rentals if I'm just using Schedule C, not Schedule E, and if so, in what category? Each of my furnishings costs less than $2500. Since I do not need to do an allocation (my rentals are available all year and are 100% occupied by guests, not by me), do I have to itemize every furnishing, or can I just list them as one lump sum?

maglib

Level 11

@christopherdwyer08 why are your reporting rentals on schedule C unless you spend over 750 hours on them? the accounting won't be correct especially on the allowance for losses.

**I don't work for TT. Just trying to help. All the best. . ***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question. **Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.