second home

Speedy4me — Wed, 06 Oct 2021 20:27:18 GMT

My second, "vacation" home mortgage loan payment is $2600. My daughter and her roommate live in the house year round and share the entire house equally. Due to Covid my daughter pays me $1400 rent whenever she can, usually once every 3 to 4 months. Her roommate pays me $1400 rent religiously every month. The roommate $1400 rent appears to be FMV for renting 1/2 this house. It appears that this house is rented 365 days a year and is in personal use 365 days a year. Based on the conditions above is this property classified as a rental property or a personal property?

Re: second home

Critter-3 — Wed, 06 Oct 2021 21:33:21 GMT

I would consider it 1/2 rental and the other 1/2 personal use. Enter only 1/2 the expenses on the Sch E along with the rent the renter pays and depreciate only 1/2 of the home.

topic second home in Deductions & credits

second home

Re: second home