Ok, I have a home, I stay in it for 14-28 days a year. It is not my legal residence. I have rented it out for 30 days. I take that income and deduct 12 months of mortgage, interest, maintenance and expenses to produce a loss? This true? And I can deduct this loss against my job income, other rental property profits, capital gains?
To be treated as a business for tax-loss purposes, your use of the property can't exceed 14 days or 10% of the days the unit is rented during the year, whichever is greater. If you stayed there 15 days, you are out of luck. You may have a tough time claiming 'rental' if it was only rented for 30 days out of the whole year. JOE
No. It sounds like you would fail the personal use test (e.g. you are personally using the property for more than 14 days or 10% of the rented days).
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