Investors & landlords

did you enter the date in 2023 it was placed into service? 

 

 

but here's the catch under IRC 280A for personal residence turned into rental

1) was personal use greater than 10% of rental days  10% of rental days would be about 13 while you used it for more than 200 days so the answer is yes

2) was the property rented for less than 15 days - the answer is no

Therefore, it is treated as a dwelling unit used as a home. Expenses are prorated between rental and personal use.  The rental portion of interest and taxes are not limited to rental income, other expenses including depreciation are limited to any remaining gross income from the property. If these produce a loss, they are not currently allowed but become a carryover.