Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-30-2015, 01:12 PM
Junior Member
 
Join Date: Apr 2015
Posts: 1
Vacation Home Personal Day of Use Calculation

We have a second home that we rent 90 days a year but personally use more than 14. I am trying to figure of the definition of a "day" of use. In our case, we generally arrive on Fridays at 7:30pm and leave for work on Mondays at 5:30am. My questions is, "How many days is this?"

Possible interpretations:
1) 4 because we were there 4 separate calendar days (2 partial and 2 full)
2) 3 because it was 3 nights and less than 72 hours (58 hours total in actuality)



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-30-2015, 09:13 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,236
We have a second home that we rent 90 days a year but personally use more than 14.====>>> you are considered to be using the dwelling unit as a home since you used it for personal purposes more than the greater of: 14 days, or 9 days, I mean,10% of the total days it was rented to others at a fair rental price.



I am trying to figure of the definition of a "day" of use. In our case, we generally arrive on Fridays at 7:30pm and leave for work on Mondays at 5:30am. My questions is, "How many days is this?" ====>>>If the dwelling unit was used for personal purposes on a day it is rented at a fair rental price ,you should not count that day as a day of rental use as part of 10% of the total days for rental purposes. For purposes of determining whether your dwelling unit was used as a home, you may not have to count days you used the property as your main home before or after renting it or offering it for rent as days of personal use. I guess it is 2 days( sat and sun);you used the property as your main home before or after renting it or offering it for rent



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Personal Exemption Phaseout Calculation Confusion justr8hr Estimated Taxes 0 01-09-2014 05:03 PM
What happens to interest deduction on personal residence home equity loan proceeds which are used to buy a new personal residence? taxpros For 2013 1 04-06-2013 10:32 AM
Convert rental condo to vacation home kareni Rental Real-Estate 1 03-20-2012 04:29 AM
Renting out vacation home to our S Corporation opus71 Rental Real-Estate 0 10-02-2009 07:31 PM
Entertaining clients at vacation home kgcpa Itemized Deductions 3 03-05-2008 03:01 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning