morrisliberty
Initiate Member
Joined: Jan 1, 2011 11:40:05 GMT -5
Posts: 50
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Post by morrisliberty on Apr 7, 2011 18:37:10 GMT -5
hello,
On page 23 of Pub 527{2010] i quote rented at least 15 days and personal use test is met .
You will allocate your expenses based on the number of personal days as compared to the number of rental days.
I believe this is wrong. See Code Section section 280A[e][1]
IN GENERAL In any case where a taxpayer who is an individual or S Corporation uses a dwelling for personal purposes on any day during the taxable year [whether or not he is treated under this section as using such unit as a residence},the amount deductible under this chapter with repect to such expenses attributable to the rental of the unit [or portion thereof} for the taxable year shall not exceed an amount which bears the relationship to such expenses as the number of days during each year that the unit {or portion thereof} IS RENTED AT A FAIR RENTAL BEARS TO THE TOTAL NUMBER OF DAYS DURING SUCH YEAR THAT THE UNIT [OR PORTION THEREOF]IS USED.
WHERE AM I GOING WRONG?
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