Answered

Looking for answers? Westonci.ca is your go-to Q&A platform, offering quick, trustworthy responses from a community of experts. Discover in-depth solutions to your questions from a wide range of experts on our user-friendly Q&A platform. Explore comprehensive solutions to your questions from knowledgeable professionals across various fields on our platform.

Phil used his rental property for personal use for 7 days and rented it for 63 days. In most cases, what percentage of his expenses are not rental expenses and cannot be deducted on Schedule E?

a. 10%
b. 20%
c. 50%
d. 90%

Sagot :

Parrain

Answer: a. 10%

Explanation:

The total number of days the property was used:

= 7 + 63

= 70 days

He used the property for personal use for 7 days out of that:

= 7/70

= 10%

That 10% cannot be deducted as rental expenses because he used these for personal use.

Thank you for your visit. We're dedicated to helping you find the information you need, whenever you need it. Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.