This year I purchased an 3 bedroom 3 bath condominium. For approximate half the year I live in 1 bedroom and one bath and rent the other two bedrooms and baths. The other half of the year I rent the the bedroom and bath I use so that the place is 100 % rented during that period.
How do I enter this in Turbo Tax and can I treat the property as 100% rented the part of the year I am not living in the unit?
Also this year since I purchased it mid year so I only owned if for part of the year of which I was there about 2/3 of the time and it was 100% rented the other 1/3. How do I handle that this year?
you can treat the property as 100% rented the part you're not living there and deduct all expenses but I'm not sure turbotax will be able to handle 100% rental when you're not there PLUS part year ownership PLUS 2/3 rental during the time you lived there.....you may have to do the math yourself.
What makes this more complicated is when I am there I do not think I am allowed to consider it 2/3 rental since I am sharing the Living/dining room and the kitchen. I think best case is 4 out of 8 (if I count the baths as rooms so 4 rooms (2 bed and 2 bath) rented 4 rooms personal (1 bed, 1 bath, living/dinnig room and kitchen).