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Investors & landlords
For the other expenses such as utilities, you'll have to do the calculations and enter the rental use portion.
As you use the dwelling as a residence more than the greater of 14 days and 10% of the time you rented it to others at fair market value, then you are considered as using the dwelling as a residence, and you cannot deduct more than the gross rent. Any excess can be used in the year you have excess income or when you sell the property.
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ā€ˇFebruary 23, 2021
2:39 PM