Fair Rental Days

[NotEasy]

(A) A rental property was vacant from the beginning of the year until end of October. During this period, the property was under repair and not available for rental. It was eventually rented out on 11-1-2012. Tenant stayed there through end of the year.

As for the number of "Fair Rental Days" on the Schedule E, is it 61 days (Nov and Dec) or 365 days?


(B) Same situation as (A). Except that during the vacant period, the property was actually available for rental but just the taxpayer could not find a tenant.

In this case, as for the number of "Fair Rental Days" on the Schedule E, is it 61 days (Nov and Dec) or 365 days?

[taxea]

(A) A rental property was vacant from the beginning of the year until end of October. During this period, the property was under repair and not available for rental. It was eventually rented out on 11-1-2012. Tenant stayed there through end of the year.

As for the number of "Fair Rental Days" on the Schedule E, is it 61 days (Nov and Dec) or 365 days?


(B) Same situation as (A). Except that during the vacant period, the property was actually available for rental but just the taxpayer could not find a tenant.

In this case, as for the number of "Fair Rental Days" on the Schedule E, is it 61 days (Nov and Dec) or 365 days?

Was this a rental before the vacancy and repairs? Why did the repairs take so long? Was it being advertised for rent during the repairs and vacancy.?

The IRS defines fair rental price as the amount a person unrelated to you would be willing to pay.

http://www.irs.gov/pub/irs-pdf/i1040se.pdf scroll to page E5 line 2. It addresses, length of vacancy, repairs and what expenses qualify. Fair rental days would be the actual number of days it was rented at FMV.