New client bought a rental house at the beach. It is available for rent for 6 months of the year and they use it the other 6 months.
I know that I have to pro-rate all the expenses associated with the rental. But one item I was not sure about. They bought a storage shed to put in the back yard. They use it to store their personal items when it is rented out. A lot of rentals have a closet that is locked in the units that contains the owners personal things. But they actually put them in a storage shed so that it is totally out of the way of the renters.
Should I split it also? Or would it be strictly business deduction?
Linda, EA
I know that I have to pro-rate all the expenses associated with the rental. But one item I was not sure about. They bought a storage shed to put in the back yard. They use it to store their personal items when it is rented out. A lot of rentals have a closet that is locked in the units that contains the owners personal things. But they actually put them in a storage shed so that it is totally out of the way of the renters.
Should I split it also? Or would it be strictly business deduction?
Linda, EA
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