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Do you enter the total amount of property taxes on Schedule E when reporting AirBnB income
I had an AirBNB goes for 45 days in my guest room. So I would enter in 320 for personal use and 45 days for business use. When I am listing the expenses for a Schedule E, am I entering the total amount I paid for the cleaning company for the whole apartment and Turbo Tax will calculate the correct percentage to allocate? Do I enter the whole amount of property tax? I entered it as a deduction already as itemized. Do I enter the whole mortgage interest? I tried a few different ways --- and it does say enter the full amount of the pro-rated percentage. Some of the expenses on the list I can enter are 100% associated with the AirBnB vs the common expenses. Can someone please explain or help?
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Do you enter the total amount of property taxes on Schedule E when reporting AirBnB income
Yes, enter the full amount of property tax and TurboTax will allocate a portion to your Rental days.
Since you occasionally rent out part of your property and also use it personally, it's considered "combined use." For this reason, enter expenses from the rented portion as Rental Expenses and deductible expenses for the part that is never rented under Deductions & Credits.
Shared expenses will be be pro-rated based on the number of rental days. Expenses that are specific to the rented portion of your home should be entered on the page titled "Any Miscellaneous Expenses?". Entries made on this page will not be allocated.
For mortgage interest and property taxes, enter the full amount reported on Form 1098 or from your records. TurboTax will ask you to choose either the IRS Method or the Tax Court Method of allocation (see screenshot below - click to enlarge). In most cases, the IRS Method results in a higher portion allocated to the rental days of your property. After you choose a method, TurboTax will calculate the portion that should be reported as a rental expense.
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