Solved: 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?
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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?

 
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Level 4

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

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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.)
Level 4

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

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