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Updated over 4 years ago on . Most recent reply
Schdule E: Converting long term rental to personal not count?
From the instructions for Schedule E, was confused about this line:
Do not count as personal use:
• Any day you spent working substantially full time repairing and maintaining the unit, even if family members
used it for recreational purposes on that
day, or
• Any days you used the unit as your
main home before or after renting it or
offering it for rent, if you rented or tried
to rent it for at least 12 consecutive
months (or for a period of less than 12
consecutive months at the end of which
you sold or exchanged it).
So, does that mean that if I am converting a long term rental to personal use in Q4 of this year, does that mean that for intents and purposes I get to treat it like it was a rental all year for expenses and CapEx and I should leave the personal use days box blank?
Most Popular Reply
Yes, leave it to the pro to explain it clearly.