Just had the partner of a law firm tell me that you can use an investment property for personal use no more than 14 days a year, otherwise you'll get disqualified from treating it as an investment property for tax purposes.
I've always know that you can't overdo it, but this is the first time that I've heard an exact day limit. Very interesting. This means all those people treating their houses in the Hamptons as investment properties that they themselves use during the summers should be in trouble!
I've always know that you can't overdo it, but this is the first time that I've heard an exact day limit. Very interesting. This means all those people treating their houses in the Hamptons as investment properties that they themselves use during the summers should be in trouble!
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