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Investors & landlords
You don't have a rental property; you have a second home.
When you rent to a family member below fair market value, every day the family member rents the property is considered a day of personal use by you. A property is not considered rental property if the owner has more than 14 days of personal use. In that situation, the only allowable deductions are for mortgage interest and property taxes.
In TurboTax, the sale of a second home is entered in the Investment section.
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
March 27, 2022
7:34 AM
595 Views