For tax year 2024, I hired a management company to rent my beach condo and made it available for rent all year, 365 days. The management company only found renters for 180 days during the year. It was also utilized for personal use for 32 days, with family members using it, but only paying for the cleaning fee. The condo was completely vacant for 153 days. This leads to a calculation of 17% personal use (32/180) and 83% rentals for the year as I understand it. Am I correct in assuming that 17% will then be deducted from each expense entry that I am reporting on Schedule E due to the personal use being greater than 10% of the days it was rented out at fair market rates? Will 180 be placed in box 2a to indicate the “Fair Rental Days”?
Thanks in advance for your assist with this!!
