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A taxpayer bought a condo for his son to live in rent free in 2005. The son moved out in 2013 and the condo was sold. The taxpayer says he bought it to make a profit (an investment property ), but having his son live there (rent free) was also a reason for buying the condo. Would this be personal use property or investment property?


The BIDaWIZ Team's Answer:

This would be personal property as it has only been used for personal purposes and at no time did the client treat it as a rental. This is referenced in IRS Publication 544 and IRC Section 165(c).

The BIDaWIZ Team



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