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Investors & landlords
When you see the option to let TurboTax do the math for you in the rental income and expenses section, it will use the percentage of the home that is being rented out as the basis for the calculations. It does not take into account the fact that the space was only rented for part of the year.
When you have two separate situations where the expenses need to be prorated -- one for the portion of the home being rented, and one for the number of days it was rented -- it may be better to do the math yourself just to be certain of what expenses you are deducting.
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March 10, 2023
5:36 AM