I am renting out my entire apartment or house. What portion of the expenses associated with maintaining my home qualify as deductible rental expenses?

Out-of-pocket expenses associated with maintaining your rental property may be deducted from your income for the time it is rented.

Apportioning rental and personal expenses is done by how many days the home was rented as opposed to used for personal use.

However, you may only deduct expenses for the portion of the year that the home was used as a rental property. This is calculated by taking the number of days that you receive a “fair rental price” in exchange for renting your home and dividing it by the number of days that the home is used for “personal use.”

[IRS]: Personal Use of Dwelling Unit (Including Vacation Home)

[IRS]: Publication 527, Residential Rental Property

The foregoing is not intended to be, and should not be construed to be, tax advice. This website offers general answers to general questions based on information obtained from www.irs.gov and other publicly available information. Collaborative Fund cannot be held responsible for the results of any position taken on a tax return by any user of this site. Users should always obtain independent tax advice from a qualified tax professional to determine the tax consequences applicable to such user’s personal situation.