turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Rpz
New Member

How do I enter capital improvements expenses to personal home that is also used for part time short term rental i.e. Incidental casual day labor costs?

How can I expense casual labor costs ?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
IreneS
Expert Alumni

How do I enter capital improvements expenses to personal home that is also used for part time short term rental i.e. Incidental casual day labor costs?

You can only include the portion of the capital improvements that apply to the rental portion of the property.  They will have to be entered as a asset and depreciated over time.

The portion of the capital improvements that apply to the personal portion of the house are added to the basis of your home to reduce capital gain when you sell the property in the future.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question