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This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual,1120 Corporation,1065 Partnership,1041 Fiduciary

Enter vacation rental information

Follow these steps to enter vacation rental information.
  1. Select the
    Asset
     tab for the rental property.
  2. Select
    Setup
    , then
    Activity
    .
  3. Select
    Vacation Home Percentage
    .
  4. Enter the vacation home usage information to calculate the allowed depreciation percentage for rental activities. Select
    OK
    .
    note
    The
    Vacation Home Percentage
     button is only available for 1040 rental activities.
  5. In the
    Asset
     tab, select
    Add
     to enter a new asset, or
    Modify
     to change an existing asset.
  6. For a new asset, complete the
    Description
     and
    Date in service
     fields.
  7. In the
    Depreciation
     tab, complete the
    Cost/Basis
     and any other depreciation-related fields.
  8. In the
    Vehicle/Listed
     tab, select
    Other business & personal
     from the
    Type of property
     dropdown.
  9. Verify the
    Bus use pct
     field is correct.
  10. In the
    Asset Detail
     window, select
    Tasks
    , then
    Prior Depreciation Comparison
    . Enter the prior-year business use percentages in the
    Asset's business use percentages
     field.

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