Sometimes I'm not the sharpest tool in the shed, so please bear with me as I seek to clarify so I understand. I started renting the property as a vacation rental on Airbnb & VRBO on January 1st , and it was available for rent through December 31st. I had no personal use during the entire year. The cabin was rented rented a total of 201 days from January 1-December 31, ( 55% of the year). So was even though the cabin was not rented for a total of 164 days throughout the year, since I did not use it at all personally, the typical rental expenses would be deductible in full for the entire year, January 1st through December 31st period (including depreciation). Is my last statement correct?
Quick follow-up question: I have owned full time rental properties for the last 30 years, and am not used to having a loss on my taxes for them. Is it normal to show a significant loss the first year a property is used as a vacation rental?... Thanks for your patience with me!...😎
