3515383
Hello
I have a short term rental at my primary residence. When the CPA did my returns previously, it shows 16,5% depreciation of the initial cost of the property and the points (based on square footage). But we allocated 50% of the utilities to the rental, and 100% of one of the insurance policies (which was just for the rental). Will I be able to allocate different expenses by different percentages with this software? Or am I going to be limited to allocating every expense by the 16,5%?,
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It depends. You have the option of TurboTax do the math or if you choose to do it yourself. I would advise you do the allocations. In TurboTax Desktop select 'No, I'll do the math and enter only the rental related portion'.
In TurboTax Online you can say it was rented all year and then allocate the expenses by your business percentage. Or you can enter the correct square feet and days rented to let TurboTax do the math. Then enter as miscellaneous expenses anything that is 100% rental.
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