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Did you rent out the property for less than 15 days for the entire 2020 tax year?
We rented it for one week
See IRS Topic 415 at https://www.irs.gov/taxtopics/tc415
There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.
@Carl wrote:There's a special rule if you use a dwelling unit as a residence and rent it for fewer than 15 days. In this case, don't report any of the rental income and don't deduct any expenses as rental expenses.
However, that rule can only be utilized if the owner uses the dwelling unit as a residence and, in order to use a dwelling unit as a residence, the owner has to use it for personal purposes for more than the greater of:
In this case, it doesn't appear as if @ramanwaring used the unit for personal purposes at all, not even for one day. As a result, the special rule would not apply and @ramanwaring would have to report the income.
Have 1099-misc for 5 day TIMESHARE rental and later used timeshare personally for more than 14 days so no taxes owed per your reply . How do I report it so I do not pay taxes on the 1099-misc box 1 rent ? TT says not to use Schedule E for rentals less than 15 days.
You can either not report it at all or report it as miscellaneous income with an exact offset for the amount on the 1099-MISC.
The former would probably be preferable but could create a mismatch. If you are questioned, however, the response would be as simple as the fact that the rental (which was used as a dwelling) was for less than 15 days.
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