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Business & farm
So according to: https://www.irs.gov/publications/p925
Under section "Rental Activities"
"Exceptions.
1. Your activity isn’t a rental activity if any of the following apply.
The average period of customer use of the property is 7 days or less."
This statement is true for me as my customers stayed an average of 5 days, so I report this property as Schedule C and as a non residential property for depreciation since its technically a hotel and not a residential rental property... it's a commercial property. Is this correct?
February 22, 2023
5:41 PM