`
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
Level 1

Can Turbo Tax help me with including on my 2020 tax return rental income and expenses on my home I will rent part time this year? Can it walk me through that?

 
3 Replies
Highlighted
Expert Alumni

Can Turbo Tax help me with including on my 2020 tax return rental income and expenses on my home I will rent part time this year? Can it walk me through that?

Yes. When you set up your rental (next year in the 2020 program) you will enter that it is a vacation home. Keep track this year of how many days you live there and how many days it is rented out. Your expenses will have to be prorated.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Highlighted
Level 1

Can Turbo Tax help me with including on my 2020 tax return rental income and expenses on my home I will rent part time this year? Can it walk me through that?

Colleen -  Thank you - that is great.  In doing a little research it looks like I will keep track of my mortgage interest, taxes, insurance and other expenses and prorate all for the number of days I rent it out as you mentioned.  I guess Turbo Tax can handle all of that for me?  

 

I want to put in new flooring, paint, etc. - my research seems to indicate these would be improvements that I would need to depreciate over time.  Could Turbo Tax also  help me with that?   

 

Thanks so much for your quick and great first response!

Highlighted
Expert Alumni

Can Turbo Tax help me with including on my 2020 tax return rental income and expenses on my home I will rent part time this year? Can it walk me through that?

Yes, all of those are doable in the TurboTax Premier program. If you finish your improvements before you begin to rent, you can include them in the basis of the home and depreciate them all in one asset entry.

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