- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How to properly allocate De Minimis Safe Harbor expenses on a vacation home that is rented occasionally?
If I follow the guidance from Turbo Tax it states to list expenses separately on Sch E "other expenses". Doing so will not allocate personal vs. business use %age. How do I get tt to allocate these expenses?
Accepted Solutions
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How to properly allocate De Minimis Safe Harbor expenses on a vacation home that is rented occasionally?
You may wish to review your entries for both your Property Profile and under Rental Expenses.
If you own less than 100% of the property, or if you rent out part of your home, TurboTax will offer to make the calculations for you and remind you when you enter expenses (see screenshot below - click to enlarge).
Otherwise, you must calculate the business portion of your expenses, including those that may also be Itemized Deductions on Schedule A (mortgage interest & property taxes). TurboTax does not allocate based on number of rental days.
An alternative is available when using TurboTax Desktop in Forms Mode (click the Forms icon in the header).
Find Schedule E Wks for the property you need to work on and click the form name to open it in the large window. Scroll down to the Expenses section. Enter the business use percentage in Column B (screenshot #2). This will calculate the business portion of the expenses you have entered.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How to properly allocate De Minimis Safe Harbor expenses on a vacation home that is rented occasionally?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How to properly allocate De Minimis Safe Harbor expenses on a vacation home that is rented occasionally?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content
How to properly allocate De Minimis Safe Harbor expenses on a vacation home that is rented occasionally?
You may wish to review your entries for both your Property Profile and under Rental Expenses.
If you own less than 100% of the property, or if you rent out part of your home, TurboTax will offer to make the calculations for you and remind you when you enter expenses (see screenshot below - click to enlarge).
Otherwise, you must calculate the business portion of your expenses, including those that may also be Itemized Deductions on Schedule A (mortgage interest & property taxes). TurboTax does not allocate based on number of rental days.
An alternative is available when using TurboTax Desktop in Forms Mode (click the Forms icon in the header).
Find Schedule E Wks for the property you need to work on and click the form name to open it in the large window. Scroll down to the Expenses section. Enter the business use percentage in Column B (screenshot #2). This will calculate the business portion of the expenses you have entered.