@wleuter wrote:
Will TurboTax save this losses somewhere and do the carry over for me when I use TurboTax again to file my tax return next year?
If you rent for more than 15 days and your personal use is more than the greater of 14 days or 10% of the days rented at fair rental value, then losses attributable to expenses incurred strictly as a result of rental use are nonpassive. As such, any loss is not carried forward to the following tax year but is used to offset other types of income (or is disallowed completely, and not carried forward, if subject to the vacation home loss rules).
Again, expenses are allocated between rental use and personal use days (and expenses that are strictly rental expenses, such as advertising, management fees, commissions are allocated rental use exclusively while other, allocated, expenses may be subject to vacation home loss limitations).
