- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Since it sounds like both properties have multiple uses during the year, I think that treating it as 4 properties for the purposes of TurboTax might be a good way to go. That way you can go through each of the properties in TurboTax and answer the questions specifically about the personal and rental days during that year.
The challenge in this method would be that virtually everything related to the properties will need to be allocated among the properties and their usage (cost basis, utilities, repairs and maintenance, insurance, depreciation, etc etc.)
If you sell these properties, you will also need the ability to determine if any of them (in whole or in part), qualifies as a principal residence for purposes of deferring any gain as well as being able to separate out land value and building value for each of the (4) properties.
Here are some helpful TurboTax articles on rental property:
Rental Capital Improvements and Depreciation
Income and Expenses of my Rental
**Mark the post that answers your question by clicking on "Mark as Best Answer"