rental income from mother-in-law unit
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

rental income from mother-in-law unit

Hi ,

I have rental income from mother-in-law unit of my house where I also live in. I have also upgraded mother-in-law suite and put in new floor. How shall I enter income/expense/depreciation information in Turbo-tax (home & business version)?

Thanks in advance,

 

1 Reply
Employee Tax Expert

rental income from mother-in-law unit

You have a multi-family home. You will need to prorate expenses between the personal and rental portions. Any improvements you made to the rental portion are not prorated. They belong exclusively to the rental. Depreciation is also just on the business end.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
v
Privacy Settings