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Deductions & credits
The IRS determines the method of allocating allowable rental expenses for a vacation property.
There is a worksheet in IRS Publication 527 Residential Rental Property which is duplicated by TurboTax to determine the allocation of expenses and carryover losses.
Chapter 5 of the IRS document will give you further examples and explanations regarding the Worksheet 5-1 included in that chapter. The following link will take you to Worksheet 5-1 to learn more.
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‎January 20, 2023
8:35 AM