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amberleigh1600
Level 1

Is a rental property transaction considered personal or business category?

 
1 Comment 1
MaryGraceS
Moderator

Is a rental property transaction considered personal or business category?

Hi there, @amberleigh1600.

 

The category selected in a transaction is highly dependent on the purpose of the rental property. If it is used as a part of your self-employment work, it can be tagged as a Business then Home Office. If not, or the property is used for eating or other work, the category to use is Personal. 

 

You may refer to the following articles for more details about Home Office, like in which line it will show in Form 8829, as well as a list of categories available in the program: 

Also, I recommend consulting an accountant on what specific category to use recording the transaction to ensure the accuracy of your books.

 

Feel free to leave a comment if you have any other questions. I'll be happy help you some more.

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