kittypuppymom
Junior Member
Joined: Sept 12, 2011 10:38:54 GMT -5
Posts: 165
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Post by kittypuppymom on May 16, 2014 9:29:17 GMT -5
Does anyone own a vacation rental? Building a house to use for fun and to do short term vacy rental. I will have to furnish everything. So my ? is
does furniture and kitchen items all depreciate? How do I handle those items. I know the house will. It is going to be about 95% rented.
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zibazinski
Community Leader
Joined: Dec 24, 2010 16:12:50 GMT -5
Posts: 47,914 
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Post by zibazinski on May 16, 2014 13:13:47 GMT -5
It all does. I was just noticing in Florida that the 12 per cent tax on vacation rentals used to be waived if you stayed more than 30 days, then it was 60, then it was 90. Now it's 6 months. Sheesh.
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mwcpa
Senior Member
Joined: Jan 7, 2011 6:35:43 GMT -5
Posts: 2,425
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Post by mwcpa on May 17, 2014 5:03:59 GMT -5
you should read www.irs.gov/pub/irs-pdf/p527.pdf from the IRS... go to page 17....
"If you use a dwelling unit for both rental and personal purposes, divide your expenses between the rental use and the personal use based on the number of days used for each purpose."
Be careful here... the disclosures can be tricky.... |
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truthbound
Familiar Member
Joined: Mar 1, 2014 6:01:51 GMT -5
Posts: 814 
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Post by truthbound on May 19, 2014 4:31:03 GMT -5
It all depreciates.
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