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Real estate taxes for rental property
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Investors & landlords
Please enter only the rental portion of the real estate taxes as your rental expense. The remaining amount is your personal expense written off in Deductions & Credits section (just like mortgage interest). The same applies to any other expenses... for example utilities. If you paid utilities as a landlord and then as you lived there, you would allocate the annual utilities amount between rental portion (deductible as rental expense) and personal amount (not deductible at all).
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Investors & landlords
When I enter the following Rental expenses the total expense come out short:
Management Fees: 1,695
Real Estate Taxes: 781 - Prorated
Insurance: 30 - Prorated
Professional Fees: 1500
Utilities: 904 - Prorated HOAs
Total Expenses should be: 4910
Turbo Tax Expenses calculate: 3454
Can you let me know if some of these expenses are not supposed to be prorated in data entry?
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Investors & landlords
Also noticed that Turbo Tax says it only accounted for $663 in rental taxes.
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Investors & landlords
You want the actual expenses for the rental to match what you are deducting on the Sch E. If you asked the program to prorate for you, then you do not need to prorate, you can enter the full amount.
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