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kriswb29
New Member

Home rented to grandson until he purchased in May. TT asks if rented all year. Instructions suggest yes, result is that TT says it was rented 365 days. How to do?

It was rented the whole time it was owned, does this qualify as "all year?"  Sold to grandson in June. Instructions suggest yes.  Result is "Days Rented: 365" this is not true.  Suspect question is getting at proportion of expenses to allocate but doing it poorly.
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2 Replies
ColeenD3
Expert Alumni

Home rented to grandson until he purchased in May. TT asks if rented all year. Instructions suggest yes, result is that TT says it was rented 365 days. How to do?

Did you mark that it sold? There is another question, "Was the house rented every single day in 2021?" It may look like 365 days until you add the date of sale.

 

There is a link on that page that tells you:

"We’re asking if you rented the property “all year” meaning, during the time that you owned the property during the year. If you only owned the property part of the year, then let us know if it was rented the entire time you owned it."

 

 

 

Home rented to grandson until he purchased in May. TT asks if rented all year. Instructions suggest yes, result is that TT says it was rented 365 days. How to do?

since you rented to your grandson if the rent charged was less than fair rental value, all usage is personal which means it's treated 100% as a personal residence. nothing is reported on schedule E.  in addition, even if rented a fair rental value unless it was his main home it's treated 100% as personal residence

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