Solved: Does turbotax adjust my rental property expenses for the percentage used for rental vs personal use? Or do I input only the rental portion of those expenses?
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Does turbotax adjust my rental property expenses for the percentage used for rental vs personal use? Or do I input only the rental portion of those expenses?

 
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Does turbotax adjust my rental property expenses for the percentage used for rental vs personal use? Or do I input only the rental portion of those expenses?

Yes, Turbotax adjusts the expenses.  You do not only enter the rental portion under Rental.  

You will enter the full-year amount of both your property taxes and mortgage interest under the rental expenses section.  The program will perform the pro-ration and allocates the expenses between Schedule E for rental and Schedule A for itemized deductions based on how many days the property is used for business (rental). 

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Level 2

Does turbotax adjust my rental property expenses for the percentage used for rental vs personal use? Or do I input only the rental portion of those expenses?

Yes, Turbotax adjusts the expenses.  You do not only enter the rental portion under Rental.  

You will enter the full-year amount of both your property taxes and mortgage interest under the rental expenses section.  The program will perform the pro-ration and allocates the expenses between Schedule E for rental and Schedule A for itemized deductions based on how many days the property is used for business (rental). 

View solution in original post

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