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This is explained in IRS Pub. 553, Highlights of 2008 Tax Changes, (Yes, the title refers to 2008, but the current version, dated June 2009, contains current year tax changes as well.)


The equation is in this document.

Total nonqualified use during period of ownership after 2008/Total period of ownership.

For the calculation is there any limitation on the total period of ownership? If a property was purchased in 1990 and rented, does the period of ownership start from 1990?
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