How do I file taxes on an owner occupied live in condo and track my personal use days for my limit?

by | Indy Anna, Real Estate Investing

How do I file taxes on an owner occupied live in condo and track my personal use days for my limit?

If you have an owner occupied condo or house then you need to understand how your personal use days work in order to get your full deductions.  I asked some of our tax people about this and this is what they said.

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How do I file taxes on an owner occupied live in condo and track my personal use days for my limit?

Indy Anna Explains…

– The answer to this question (PART TWO)

– Advice on getting your personal tax situation right

– What to expect when reporting rental income on your owner occupied condo

Here’s a follow up question that came in from our last video;

“It is so helpful!! I have a question for the owner-occupied landlord(3 rooms, 2 rents), how does the live-in landlord file the blank 2 of the personal use days? (if I write more than 14, it will cause non-deductible) and what the type of property for the condominium, there only have single family and multi? Thank you so much for your sharing!!!”

Again, let me be SUPER clear I’m not a tax expert and would advise you seek professional tax advice from a professional. If anyone needs help finding a good tax/personal finance expert – please let me know and I will try to help you locate someone to work with. 

I asked a few of our legal folks about this and this is what they said.

To answer one thing quickly – right, no ‘condo’ option but that’s because you’re most likely going to be using single family dwelling according the IRS.

Now IF the same far below fair market rent situation applies to this question- that part should be covered (again needs verified with a pro)

The part of this particular question that gets a bit fuzzy is claiming days present on tax forms. According to the IRS site,

“If you rent a dwelling unit to others that you also use as a residence, limitations may apply to the rental expenses you can deduct. You’re considered to use a dwelling unit as a residence if you use it for personal purposes during the tax year for more than the greater of: 14 days, or 10% of the total days you rent it to others at a fair rental price.”

I hope this was helpful in answering your question.

If not giving you the best idea of what to be professionally clear on while tax season prep is well under way.  If anyone has any further questions about this or other real estate help needed.

Make the universe SMILE = )

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~ Indy Anna
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