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RENTAL WARRANTY DEDUCTION
I have a Warranty Plan on my Rental Property. And a security system with ADT
I use the home for Personal Days, should these expenses be included in that calculation?
Where do I enter them in Turbo Tax ?
When I add to Other Expenses, they are excluded from the personal use calculation.
January 22, 2020
5:11 PM
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Deductions & credits
You can enter the warranty plan under insurance and the ADT system under utilities. As a note, you can only deduct the percentage of these bills that are attributable to rental use. Here's how to enter this in TurboTax Online:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
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January 22, 2020
5:22 PM
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