March 12, 2014 at 10:57 pm
#22475
imported_Travel Guy
Participant
If you use the dwelling unit for both rental and personal purposes, you generally must divide your total expenses between the rental use and the personal use based on the number of days used for each purpose. However, you will not be able to deduct your rental expense in excess of the gross rental income limitation (your gross rental income less the rental portion of mortgage interest, real estate taxes, and casualty losses, and rental expenses like realtors’ fees and advertising costs).
For more details, see http://www.taxhelpadvisor.com/income/renting-residential-and-vacation-property/