Does the condo have personal use throughout the tax year (i.e., is it a vacation/short-term rental)? If so, you need to enter the number of fair rental days and personal use days. TurboTax will then allocate the deductible expenses accordingly.
Note that you may also have to make an adjustment in the Assets/Depreciation section.
Yes. I have been using it up to 20% of the year for personal use and time for repairs/maintenance. I plan to cut back on its availability and will only have it available to rent 50% of the year. The remaining 50% will be for personal use and maintenance/repairs. So, I need to change the percentage for allowable expenses and don't know how to do this in Turbo Tax.
For the allocation of typical rental expenses, you have to enter the number of fair rental days and the number of personal use days.
Note that days spent primarily for maintenance/repairs are not personal use days.
If the property is classified as a rental for the entire tax year (all 365 days of it) then there's really nothing to "change" per-se. You enter the number of personal use days and the number of business use days, and the program will allocate accordingly.
If the property is ***NOT*** classified as a rental for the entire tax year, then things are different. For example, if it's classified as a rental from Jan 1 thru Jun 30, and there is no personal use during that time, then the business use percentage is ONE HUNDRED PERCENT. You only enter expenses incurrred during that time and those expenses are ONE HUNDRED PERCENT deductible as rental expenses.
For this scenario, you have 182 business use days and ZERO days of personal use.