Yes, Turbo Tax will automatically prorate the amount of mortgage and property tax to the rental as well as personal residence.
- First you will enter in the rental information. As you complete this section, there will be a selection that you make indicating that this was a personal residence that became a rental.
- There will also be s section that you will allocate your personal days and rental days. This ratio will be used to determine the amount of business and personal expenses to be allocated on your return.
- After you record your rental income, you will enter the full amount of all expenses incurred during the year on the property.
- After everything is entered, the prorated amount for mortgage interest and property taxes will appear in Schedule E of your return.
- The remainder of the mortgage interest and property will appear in Schedule A of your return, providing if you have enough deductions to generate a Schedule A.
@nestlen
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