Term "Rental Property" is referring to the property that you are actually renting to someone else that generated income.
However, keep in mind when working through the steps to enter expenses for the "Rental Property," once you arrive at the screen: "let us calculate your expenses deductions for you".
There are two options on this screen:
- answer yes if you want to enter your total expenses (both units) and then Turbo Tax will allocate the expenses between rental expenses and itemized deductions.
- answer no if you want to enter only the amount of the expense that is the unit you are renting out. You will then need to enter the remaining amount of expenses that qualify to be itemized, in the itemized deductions section of Turbo Tax.
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