Publication 527 Residential Rental Property Including Rental of Vacation Homes Form

Instructions and help about Publication 527 Residential Rental Property Including Rental Of Vacation Homes

[Music] hi i'm the tax geek and here are more of your taxes oversimplified in the last video on vacation homes we covered the rules on determining personal use and rental use and when vacation home rules for tax purposes would apply to get the most out of the video you're watching you should watch these videos first a playlist of these videos will show up at the top of this screen or in the end screen in this video we're going to allocate expenses between personal and rental use first of all 100 of any direct expenses involved in renting the property are deducted from the rental income primary examples of direct expenses would be commissions or fees to rental agents including online rental platforms such as airbnb and the expense of cleaning the unit between uses all other expenses are indirect expenses which are expenses that apply to both rental and personal use examples of this are utilities mortgage interest and property taxes insurance and repairs and depreciation two methods are