You'll need to sign in or create an account to connect with an expert.
Enter 25% of the 145K you paid as 'Rental Asset'. This will calculate the Depreciation amount for you correctly each year.
In the Property Profile, when you enter that 'you rent part of your home' and that is 25%, TurboTax will calculate the rental portion of expenses for you on Schedule E, if you choose that option.
If you make a capital improvement (such as a new roof, for example), enter 25% of the cost as an Asset to Depreciate. TurboTax calculates depreciation based on the amount that you enter.
Here's more info on Rental Property Depreciation.
just as simple enter 100% of the cost and then enter business use as 25%
also check owner-occupied rental .
and enter 25% as % rental use this way personal portion of mortgage interest and taxes will transfer to schedule A. and rental portion of other expenses will be calculated automatically if you enter there full amount (TurboTax will report 25% of those expenses as rental. this saves you the trouble of computing 25% of all expenses for the rental. you may have to work with mortgage interest if the 75% of the principal balance exceed the mortgage debt limit
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
MellowStudent
Level 1
typemoon123
New Member
rannr925
Level 2
brookfield1
Level 2
lllbby
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.