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Duplex rental property: went from living in one side to renting out both sides

Hello, I am very confused at how to file my taxes this year. I have owned a Duplex (with two separate addresses) since 2017. Previously, I have always lived on one side and rented out the other. In 2023 we bought a Single Family home in August and moved into it. We then put that side up for rent and someone started renting it out in October. 

 

Do I have to choose the option that I "Converted a Home to a Rental?" If so, do I do that for both addresses? 

Because the other option is "Rented a unit in a Multi-unit where you live" and that isn't the case anymore either.  

Under Schedule E (Rental Properties and Royalties) should I be filing the addresses as two separate properties? Also, if I do that, should I choose 'Single Family' for each or 'Multi-Family?' They have the same taxes, interest, and mortgage insurance premiums. Myself and my partner own the property together (we are not married.) Do I need to put that I'm only a 50% owner? We live together and have children together. 

This is very confusing for me, please help!

 

Thank you,

 

-Stephanie

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1 Reply
PatriciaV
Expert Alumni

Duplex rental property: went from living in one side to renting out both sides

If you have reported the rental side of the duplex as a separate rental property in the past, you would continue to report it as you have been. For the half that was a personal residence and is now a rental, add it as a new rental property that you converted from personal to rental use.

 

Yes, you will have two separate properties for Schedule E using the appropriate addresses for each. You will need to manually allocate the shared expenses to each property (TurboTax can't do this for you).

 

Have you reported the rental on your return at 100% ownership? If you co-own the property and file separate tax returns, you should each report one-half of the income and expenses for both units. But if you are the sole owner, you would report 100% on your return.

 

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