Question

When determining the number of days a taxpayer has rented a home during the year, any day when the home is available for rent but not actually rented out counts as a day of personal use?

Answer 1

Days when a home is available for rent but not rented out are not considered personal use days for tax purposes. Personal use days are defined by actual use or rental at less than fair value.

Step-by-step explanation:

When determining the number of days a taxpayer has rented out a home during the year, the days when the home is available for rent but not actually rented out do not count as days of personal use. Instead, only the days when the taxpayer actually uses the home for personal purposes or when the home is rented to someone at less than fair rental value are considered personal use days. An important aspect of taxation on rental properties involves distinguishing between rental and personal use days to correctly report income and expenses on tax forms.