Asked by Widelyne Loiseau on Jun 16, 2024
Verified
Rental properties that are also used as vacation homes fall under one of three categories: (1)primarily rental(2)primarily personal,and (3)personal/rental.
Primarily Personal
Indicates the use of property or resource predominantly for the owner's personal purposes and enjoyment rather than for business or rental.
Personal/Rental
Relates to property used for both personal and rental purposes, requiring specific tax treatment and allocation of expenses for each use.
- Distinguish between rental property categories based on usage.
Verified Answer
SF
Stephy FurretJun 18, 2024
Final Answer :
True
Explanation :
This statement is true. Rental properties that are also used as vacation homes can fall under one of these three categories based on whether they are primarily rented out, primarily used for personal vacations, or if they have a balance between both uses.
Learning Objectives
- Distinguish between rental property categories based on usage.
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