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Level 3
October 9, 2023
Solved

Did you own a home in 2022? — IDK how to answer

  • October 9, 2023
  • 2 replies
  • 47 views

I own a condo that's fully paid for (no mortgage) and is 100% rented out full-time. All those expenses, and the rental income, and town taxes, have been entered as business income/expenses. 

I am a renter where I live. I am flummoxed by the question "Did you own a home in 2022?". Because the property that's rented is mine, but I don't live there, and I am no longer paying a mortgage. 

So do I answer "no" to this question, given that the home I own is a rental property? 

    Best answer by rjs

    Answer No. The answer doesn't go on your tax return. TurboTax is only asking to try to make sure that you don't overlook any deductions that you might be entitled to if you own your principal residence. It's not asking whether you own a home that you rent out.

     

    2 replies

    rjs
    Level 15
    rjsLevel 15Answer
    Level 15
    October 9, 2023

    Answer No. The answer doesn't go on your tax return. TurboTax is only asking to try to make sure that you don't overlook any deductions that you might be entitled to if you own your principal residence. It's not asking whether you own a home that you rent out.

     

    LeeB6Author
    Level 3
    October 9, 2023

    Thank you, RJS!