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This is just a summer rental. We live there the rest of the year.
If a taxpayer or family members use a vacation property for more than 14 days or 10 percent of the property’s rental time, the personal use limitations of IRC § 280A apply and IRC § 469 is no longer applicable. The IRC § 280A severely limits losses. See IRC § 469(j)(10)
If you’re looking to claim the most tax breaks possible, you need to carefully track the amount of time you and your family spend at your vacation home.
If you personally use your property and sometimes rent it to others, special rules apply.
This is just a summer rental. We live there the rest of the year.
If a taxpayer or family members use a vacation property for more than 14 days or 10 percent of the property’s rental time, the personal use limitations of IRC § 280A apply and IRC § 469 is no longer applicable. The IRC § 280A severely limits losses. See IRC § 469(j)(10)
If you’re looking to claim the most tax breaks possible, you need to carefully track the amount of time you and your family spend at your vacation home.
If you personally use your property and sometimes rent it to others, special rules apply.
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