3688590
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

timeflies
New Member

Converting residential to rental - proration calculation

Hi,

Question about the proration calculation in Turbotax.

I moved out of my personal residential property in Oct 2024, did a refinance, and rented out Nov 2024. 

The 1098 from refinance shows the mortgage interests for Nov-Dec, 2024. I also did some repairs to the property in Nov-Dec, 2024.

In Turbotax Premier desktop, I entered the mortgage interests for the 2 months, full repair costs, and manually prorated property tax. Then Turbotax appears to prorate everything once again. And I can't seem to get around this automatic calculation.

Does it make sense to also enter the full mortgage interests from the previous bank, and full annual property taxes to let Turbotax do the proration? How about the repairs during the rental period- how to account for the full amount when Turbotax prorates them?
Thanks in advance.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question