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I am preparing a return with a vacation home with personal use over 14 days and rental use. PO is not lmting the loss to revenue recved. How do I get it limit the loss?

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Level 1
 
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Level 12

Is the personal use less than 10% of the rental days?  If so, the limitation does not apply.

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Level 1

no, the personal use is 47 days and rental is 54 days

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Level 1

It's been limited every other year when I used Proseries.  Just converted to Proconnect this year.

 

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Level 12

Is the entire loss being allowed?  Or just a portion of it?  I think if mortgage interest and real estate taxes exceed income, those are still allowed to trigger a loss.

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Level 10

Bill,

Does that still apply if the TP does not itemize?  I know they made revisions to the 8829 to change how the income limits apply in standard vs. itemized situations for office-in-home.  I would think that the same concepts apply to a vacation home when standard deduction is taken.

Rick

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Level 12

Rick, I was thinking the same thing when I posted it.  But I didn't address it because that isn't the OP's problem, the OP has the opposite problem ... it is NOT limiting the loss.

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