My rental property vehicle deduction indicated I had $2823 deduction then the summary page only shows $58 for 305/60 rental/personal use property. Why would this be?

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My rental property vehicle deduction indicated I had $2823 deduction then the summary page only shows $58 for 305/60 rental/personal use property. Why would this be?

If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received.

If personal days exceed 14 days or 10% of the number of days the home is rented (whichever is greater), the IRS considers the property a personal residence and rental loss cannot be deducted.

see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).

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My rental property vehicle deduction indicated I had $2823 deduction then the summary page only shows $58 for 305/60 rental/personal use property. Why would this be?

If the property is “used as a home,” your rental expense deduction is limited. This means your deduction for rental expenses can’t be more than the rent you received.

If personal days exceed 14 days or 10% of the number of days the home is rented (whichever is greater), the IRS considers the property a personal residence and rental loss cannot be deducted.

see Publication 527, Residential Rental Property (Including Rental of Vacation Homes).