Solved: Boarding income (renting a room out)
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New Member

Boarding income (renting a room out)

 
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New Member

Boarding income (renting a room out)

WHEN YOU RENT A ROOM IN YOUR HOME.[long term rental more than 30 days]

You rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property.

Screen:[Premier or upgraded version online,Deluxe or upgraded version desktop]

"Do any of These Situations apply to This Property"<

Select I rent out part of my home.

That will create the correct path for you.  

Yes to let Turbotax calculate the expenses for you

Next screen "enter use percentage" this where the  % goes for Turbotax to do the calculation.

Enter rental use percentage

Turbotax will flow personal to schedule A and rental to schedule E.

Only the exclusive used area is considered rental area.

Common area is available to all and is not a factor in allocation of expenses.

You can use any reasonable method for dividing the expense. It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. The two most common methods for dividing an expense are (1)the number of rooms in your home, and (2) the square footage of your home.

Renting Part of Property [with examples]

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2 Replies
New Member

Boarding income (renting a room out)

WHEN YOU RENT A ROOM IN YOUR HOME.[long term rental more than 30 days]

You rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property.

Screen:[Premier or upgraded version online,Deluxe or upgraded version desktop]

"Do any of These Situations apply to This Property"<

Select I rent out part of my home.

That will create the correct path for you.  

Yes to let Turbotax calculate the expenses for you

Next screen "enter use percentage" this where the  % goes for Turbotax to do the calculation.

Enter rental use percentage

Turbotax will flow personal to schedule A and rental to schedule E.

Only the exclusive used area is considered rental area.

Common area is available to all and is not a factor in allocation of expenses.

You can use any reasonable method for dividing the expense. It may be reasonable to divide the cost of some items (for example, water) based on the number of people using them. The two most common methods for dividing an expense are (1)the number of rooms in your home, and (2) the square footage of your home.

Renting Part of Property [with examples]

View solution in original post

New Member

Boarding income (renting a room out)

"Next screen "enter use percentage" this where the  % goes for Turbotax to do the calculation."

 

I'm never seeing this question. Only the days rented versus days personal use. There's no way to enter the % of the house being rented. 

 

Then when it asks for the mortage interest and taxes paid, I assume I enter the same amounts from the 1098 I entered previously? Is Turbotax smart enough to handle this correctly?

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