Does Turbotax Premier allocate and divide the rental expenses between personal use and rental use for renting out part of my home for part of the year?

[TinkerBell01]

If I indicate that I want to enter total amounts and let Turbotax to do the math and have indicated the number of days it was rented on the screen that asks for number of days rented at fair market value and have the amount of rental use percentage in the block on the screen that asks for it, will TurboTax compute the correct amount for renting just half of the year? Will it divide the utilities and home insurance and property taxes or do I have to do it when it is rented for just part of the year? Turotax seems to be indicating that it can do the math and with the numbers input into Turbotax it should have the information to calculate it, but I have been researching answers and seem to be finding different answers. Please clarify.

[ScottT · Accepted solution]

Yes, but you will need to prorate the amounts based on the days of personal use on Schedule A 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 below helpful Super User answer. https://ttlc.intuit.com/replies/6665580

[TinkerBell01]

Thanks for your answer. What is confusing to me is that TurboTax asks for the number of days rented at fair market value and number of personal days so it seems that it would do the proration of rental days and personal days on its own. But to make sure I understand you correctly, if I rent a part of my house for 6 months and my tenant moves out, I have to figure out OUTSIDE of Turbotax how much 6 months of utilities would be and put that into TurboTax as my utility expenses and do the same for maintenance expenses, property taxes, and homeowners insurance. Am I correct?

[zzzzzzzzzzzzzz]

I have the same question and situation. Did this method work out for you? Did you have to calculate the prorated amounts outside of turbotax, or did you put in your expenses for the entire year and let turbotax calculate?