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Does Turbotax Premier allocate and divide the rental expenses between personal use and rental use for renting out part of my home for part of the year?
If I indicate that I want to enter total amounts and let Turbotax to do the math and have indicated the number of days it was rented on the screen that asks for number of days rented at fair market value and have the amount of rental use percentage in the block on the screen that asks for it, will TurboTax compute the correct amount for renting just half of the year? Will it divide the utilities and home insurance and property taxes or do I have to do it when it is rented for just part of the year? Turotax seems to be indicating that it can do the math and with the numbers input into Turbotax it should have the information to calculate it, but I have been researching answers and seem to be finding different answers. Please clarify.
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‎June 3, 2019
12:25 PM