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Is This a Rental Property or Royalty?
*This is a rental property and description can be simple, like "room of house"
What Type of Rental is This? *click Single family
Do Any of These Situations Apply?
*click NEW 2019 was the first year I rented
*click RENTED, I rent out part of my home
Was This Property Rented for All of 2019? *yes, rented all year
you will continue through answering questions based on you
How do you handle expenses if it is a portion of the house? By Square Feet? Mortgage interest? RE Tax? Utilities?
If you rent a room in your home it should be allocated based on
Regular expenses such as mortgage interest, heat, taxes and water can be allocated on a combined percentage based on both criteria .
However, improvements made to the specific room can be allocated directly based on the days used. If you painted that room, you could take the full expense based on the days used.
If I had people renting out of my house how do you split between days rented at fair rental value price and personal use during the year Both have to add up to under 365 but what if I lived in it 210 days and rented it out 183 days. I started in June so it was not rented all of 2019.
You will need the Premier or Home & Business TurboTax software.
In Premier you will go to
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