After realizing our CPA made multiple mistakes through the years, I am using TurboTax to prepare our individual returns. We have a short-term vacation rental property with furniture listed as a depreciable asset.
Regarding business use percentage for this asset, the percentage changes annually, depending on days rented vs our personal use. Is is allowable to change the business percentage use in TurboTax each year?
For example, in 2022, we recorded 217 fair rental days and 10 personal use days. Would the business use percentage be based on 217/227 or 355/365 (the property is available to rent all year).
In 2023, we recorded 245 fair rental days and 9 personal use days. Slight change in percentages for the year.
Any insight into this topic is much appreciated!
