Investors & landlords

ReginaM · ‎March 17, 2020

No, there is not a bug, the best way to make sure that TurboTax is calculating this correctly is to make sure that all questions in regards to your rental properties are entered correctly. When you have a vacation home that you are renting out, follow these steps in TurboTax:

While in your Tax Home,
Select Rental Properties,
Select Go to Schedule E,
Follow through the on screen prompts until you see your Rental Properties,
Select Edit next to your vacation home,
Select Update next to expenses.
Select Walk me through everything,
Follow through the on screen prompts until you get to Was this property rented for all of 2019? Answer No.
Answer the question on how many days the property was rented at fair market value.

By answering these questions, TurboTax will adjust the % of your Mortgage Interest and Property Taxes and reflect them on your Schedule A.

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