I do taxes for my daughter and she rents her main home out about half the year. I have a couple of questions regarding deductions. If she rented it out 62% of the year, in the business expense section I need to reduce the whole home expenses like utilities, insurance, property taxes and Mortgage interest to 62% of what was paid. The information for the property taxes and mortgage interest is entered in the non-business section from a 1098. Do I reduce these to 38% of what was in the original 1098, check the box saying I entered a different number, or will TurboTax take care of that?
Also can I depreciate the house for the 62% of the time it was rented and where do I enter the house as an asset that needs to be depreciated?
