Which of the following is a vacation home? A. You rent it 8 days and live...
Which of the following is a vacation home?
A. You rent it 8 days and live in it the rest of the year
B. You use it 25 days and rent it 340 days
C. You used 40 days and rent it for 325 days
D. All of the above
Homework Answers
The correct answer is Option D: All of the above
Explanation: The home must also be used for personal purposes for more than 14 days or 10 percent of the total number of days the home is rented at a fair rental value.
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Which of the following is a vacation home?
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When you rent out your home for more than 14 days per year, you have to declare your income and may have to pay taxes. However, it is not as bad as it sounds. This is because certain costs of running a home that would otherwise not be deductible, such as utilities and insurance, become partially deductible when the home is used to produce rental income. The textbook on page 14-18 (see PPTS below)...
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