Carl
Level 15

Investors & landlords

Here's the simple explanation.

-Percentage of your home rented out  that is "exclusive to the renter". Whatever that percentage may be.

- Percentage of business use will be 100%, because it's the business use percentage of that area that was "exclusive to the renter."

- Number of days rented - the day count typically starts on the first day a renter "could" have moved in, under the assumption that you did not use that specified rental space it for "ANY" type of personal use starting from the date you converted that space to a rental. The day count ends on the date you converted the space back to personal use. Of course, this doesn't apply if it continued to be a rental into 2021 and you did not use that space for "any" type of personal use.

- Percentage of business use - Assuming you did not use that space for any type of personal use, *WHILE IT WAS CLASSIFIED AS A RENTAL* your business use percentage is ONE HUNDRED PERCENT business use starting from the time that space was converted to a rental, and ending when (if) you converted it back to personal use. What you used that space for while it was *not* classified as rental space, just flat out does not count for anything.

- Number of personal use days - Assuming that you did not use that space for any type of personal use during the period of time it was classified as a rental, this will be ZERO. What you used it for while it was not classified as a rental just flat out does not count for anything.

 

Please see my response in the thread at https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-if-i-am-renting-on... so that you will avoid an issue that "could" cause problems for you. *THIS* *IS* *IMPORTANT*!!!!