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Investors & landlords
You can do your own math and select single rental, then figure out all the expenses that should apply only to the rental including the mortgage interest and real estate taxes (reduce them for the itemized deductions portion).
If you did not rent it out all year, then you must enter the number of days it was rented and then the number of personal use days, if applicable. Otherwise enter zero. (See the image below - after selecting Vacation or Short Term rental).
By using the Tax Tools you can take a quick review of your 1040:
- To find Tools:
- Sign into your TurboTax account and open or continue your return.
- Select Tax Tools in the left menu.
- You'll find Tools beneath Tax Tools.
- Select View Tax Summary
- Select Preview My 1040 (left black panel)
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March 16, 2021
10:36 AM