I have a fundamental question. I'm a Florida resident. From May through October (<180 days) I live in a condo that I own in Virginia. From November through April (50%) the condo in Virginia is rented out.
A) Is it a vacation home where my deductions are limited to income? Looks like Turbotax sets depreciation to 100% and doesn't allow me to over ride it on the Sch E worksheet.
B) Is it a rental where it's rented 185 days and personal use is 0 days during this interval? I can edit the Asset Depreciation Worksheet to make the depreciation 50%
I need help on how to correctly enter this into the Schedule E worksheet, and if I need to adjust the % business use on the Asset Depreciation Worksheet. I asked earlier, but have two different answers. Trying to just get down to basics - is it a Vacation Home with personal use, or a Rental?
Thanks in advance for your help!
