TDHBMONRO
New Member

Should I enter expenses for home office as if I owned the home all year or just for the time that I owned the home (will turbotax think the taxes and insurance are for 12 months or will it know that these are the actual amounts I paid during the 5 months

I just bought a home and started my home office in it on July 30,2020.  Since I lived there for 5 months, I presume TT will prorate the expenses that I tell it but I am telling it the actual expenses (property taxes, insurance, utilities, etc) for just the time that I have owned the home and used this home office.  Can you confirm that TT will use the totals I give it and not take 5/12 of them thinking that these are annual expenses for a home I already owned and just put the office in service on July 20,2020.

 

I will need this information for deducting my home office in my previous residence that I used for 7 months but still own the home -- should I do the prorating of the annualized expenses before entering numbers into TT?  Just wondering why it needs to know how many months -- does it automatically prorate the amounts given???