Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 3 years ago, 05/22/2021
House Hacking Taxes
Greetings, I have seen questions about house hacking taxes before, but none that have answered this specific question:
I am filling out the depreciation section of the Schedule E.
The property is a four family, I live in one. I understand that I cannot claim depreciation on my own unit. My question is, how do I answer the following question?
Enter the number of days the property was rented at fair rental value
___________________
Enter the number of days the property was used for personal purposes
___________________
We owned the four family for 164 days in 2020, so if we answered the questions literally, I would say 164 for both. However, many people on here have stressed the importance of 15 days.
Do I just answer 164 for each question of is it something more complicated? Thanks