Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
misaak1967
New Member

Do I have to allocate rental expenses for a vacation home that I use for a part of the year too or does the program do that automatically?

 
1 Best answer

Accepted Solutions
Leonard
Intuit Alumni

Do I have to allocate rental expenses for a vacation home that I use for a part of the year too or does the program do that automatically?

Yes, you will need to prorate the amounts based on the days of personal use versus days of rental use, and TurboTax should be able to calculate and allocate the portion to your rental business. However, rental expenses can be deducted on Schedule C depends on several conditions. 

See the helpful Super User answer below. 

https://ttlc.intuit.com/replies/6665580

View solution in original post

2 Replies
misaak1967
New Member

Do I have to allocate rental expenses for a vacation home that I use for a part of the year too or does the program do that automatically?

Thanks for your answer.  Just to make certain I understand:  

When TT asks for my rental expenses the program does not pro-rate even though TT asks me how many days I rented my vacation house – 59; and how many days of personal use – 53.  TT also asked if the house was available for rent the rest of the year – YES.   

So I used the house 53/365 of the year, or 14.5% personal and 85.5%  was rental.    (I just want to be sure I don’t reduce my expenses twice.)
Leonard
Intuit Alumni

Do I have to allocate rental expenses for a vacation home that I use for a part of the year too or does the program do that automatically?

Yes, you will need to prorate the amounts based on the days of personal use versus days of rental use, and TurboTax should be able to calculate and allocate the portion to your rental business. However, rental expenses can be deducted on Schedule C depends on several conditions. 

See the helpful Super User answer below. 

https://ttlc.intuit.com/replies/6665580

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v