I offered my house (for the first time) on airBnB from April 8 to April 27 last year. It was eventually rented for just 5 days (of these 20 days). How best should i report this using Turbotax (Premier)?
More specifically:
1) when Turbotax asks me to report how many days was the property rented for, do I input 20 or 5?
2) when Turbotax later asks me to report my property tax, mortgage interest, and utilities, do I report the amount for the entire year (because Turbotax will prorate the amounts accordingly)? or should I calculate the amount of these expenses that corresponds to the 20 (or 5) days, and enter only that amount?
3) since this the first time i had this property on AirBnB, when Turbotax asks me in the very beginning if "i converted this property to rental for the first time in 2019" do I check the box (reporting that I converted)? or not (because it was only for a few days)?
Please advise. Thanks in advance!
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If the personal residence was rented for less than 14 days the entire year then NOTHING needs to be reported ... no income nor expenses... just enjoy the extra income.
Duplicate post.
Since you only had a renter in the property for less than 14 days for the entire tax year, I wouldn't bother converting anything. Simply report your 5 days worth of rental income as miscellaneous income and be done with it. No SCH E is needed and you don't have to deal with all that crap of converting the property to rental and back to personal use in the same tax year. (That's a *REAL* pain with TurboTax). Of couse when you do this, you can't claim any expenses against that income. But so what? It's only 5 days of rental income. Another $1000 give or take, is not going to break you tax-wise.
If the personal residence was rented for less than 14 days the entire year then NOTHING needs to be reported ... no income nor expenses... just enjoy the extra income.
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