What percentage of real estate taxes should be deducted on Schedule A?
Posted on November 30th, 2009 in Other - Taxes | 1 Comment »
John U asked:
"A vacation home is rented out for 10 days during the year and used personally by the owner for 20 days during the year. What percentage of real estate taxes should be deducted on Schedule A?" Wouldn't it just be 100%?
Cardiff by the Sea Real Estate
"A vacation home is rented out for 10 days during the year and used personally by the owner for 20 days during the year. What percentage of real estate taxes should be deducted on Schedule A?" Wouldn't it just be 100%?
Cardiff by the Sea Real Estate
One Response
Grundy Il Real Estate
Since it was rented out for less than 14 days or 10% of the time that it was owned during the year, whichever is less, 100% of the real estate taxes go on Schedule A.