Final answer:
It is false that no related expenses can be deducted for a vacation home classified as primarily personal use and rented for fewer than 15 days; rental income does not need to be reported in this scenario, but expenses like property taxes and mortgage interest remain deductible.
Step-by-step explanation:
The statement that if a vacation home is classified as primarily personal use (i.e., rented for fewer than 15 days), none of the related expenses can be deducted is false. For properties that are used as a personal residence and rented out for fewer than 15 days a year, the income earned from such short-term rentals does not have to be reported on your tax return.
Consequently, since the rental income is not reported, expenses related to the rental use of the property are not deductible. However, you can still deduct property expenses that would be deductible regardless of the property rental, like property taxes and mortgage interest, as long as the deductions are prorated for the period of personal use compared to the overall usage of the property.