DianeW777
Expert Alumni

Deductions & credits

Yes. If you entered the days rented and the days of personal use, then the proration being handled by TurboTax may not be what it should be based on your entries.

 

If you used the property for personal home and then changed the entire property to fully rental then you should indicate it was rented all year. In the asset you would enter the date it was placed in service for rent and then enter rental income and the already prorated amounts for ALL expenses (includes mortgage interest), Do not let TurboTax do the math. This will provide the accurate net profit or loss from the rental property for the period of the year it was rented.

 

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