PatriciaV
Employee Tax Expert

Investors & landlords

The first seven months (or 7/12) of rental income and expenses should be reported on your mother's final tax return. The remaining five months (or 5/12) should be reported on your tax return. You'll need to calculate the splits yourself. This includes property taxes and mortgage interest.

 

Was the entire property rented after your mother passed? Or was only half rented? TurboTax will offer you options when you create the rental property. One is for a multi-family property, which describes your situation. Answer the remaining questions for the period you owned the property, with regard to ownership, rental days, etc. Look for blue "Learn More" links on the entry screens that provide specific help throughout the program.

 

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