No deduction for short term rental expenses for days not rented?
If I'm understanding correctly, you can only deduct expenses for the days that your short term rental is rented. For example: If you rent out your property for 250 days of the year, (which would be about 70%) then you have to prorate certain expense deductions. If your electric was $100/month then you can only deduct $70 of that electric expense for that month? Is this correct? Also, is that the same calculation if you are deducting HOA fees? Thanks for the help!!