With the expenses already calculated by you, best advice is to enter them separately as you indicated, the rental portion in that section and the personal portion under the deductions section.
The key is to answer the questions appropriately in the rental activity under the situations that apply to the property so that you are taking advantage of all the appropriate expenses.
- If you choose to enter the expenses in each section yourself DO NOT select a box under "Converted" section. (Recommended because you have already split out the expenses)
- Select "yes" it was rented all year
- Enter the start date as the actual rental use date (in the asset section for the house)
- If you want TurboTax to split the expenses for you, enter them all under the rental activity by selecting the "Converted" box for I converted this property from personal use to a rental in 2016.
- Select "no" it was not rental all year
- Enter personal use and rental use number of days
- Enter the start date as the actual renal use date (in the asset section for the house)
In your TurboTax Premier account follow these steps.
- Sign into your account and go to the tax return.
- Select My Account in the upper right > Select Tools > Then Topic Search >
- Seach for rental > Go (image attached)
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Continue to edit or update the property
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Select Property Profile go to the screen asking about the situations - review
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Select any that apply or "None of the above"
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Continue - the next screen select "Yes or No" this property was rented all year based on your choice above.
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Click the screenshots attached to enlarge and view for assistance.
If you choose one above - enter your personal deductions using the steps below.
You can go directly
to itemized deductions by following these steps:
1. Sign into your account and
select your current return
2. Select My Account in the top Right
3. Select Tools
4. Select Topic Search (see attached image)
5. Search for itemized deductions and select Go
This will take you to the
interview process for your mortgage interest and property tax deductions for personal use.
