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

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

I am renting out a cottage on the property where I live. Every expense is auto-divided. How would I deduct a full expense which applies only to the rented cottage?

For example, a plumbing repair in the guesthouse, my landlord insurance, supplies, and cleaning are now reduced to 20% of the amount entered.
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 Best answer

Accepted Solutions
PatriciaV
Expert Alumni

I am renting out a cottage on the property where I live. Every expense is auto-divided. How would I deduct a full expense which applies only to the rented cottage?

If you have asked TurboTax to do the math for you on your rental property that is shared with your residence, you will need to do a little math of your own to report the separate expenses in full.

 

If you rent 20% of the property and one of separate expenses should be a total of $100, multiply that number by 5 and enter the result for that expense: $500 x 20% = $100, which is the result you want. The difference isn't reported anywhere on your return, so the gross-up is used only to report the correct amount for the rental.

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

View solution in original post

1 Reply
PatriciaV
Expert Alumni

I am renting out a cottage on the property where I live. Every expense is auto-divided. How would I deduct a full expense which applies only to the rented cottage?

If you have asked TurboTax to do the math for you on your rental property that is shared with your residence, you will need to do a little math of your own to report the separate expenses in full.

 

If you rent 20% of the property and one of separate expenses should be a total of $100, multiply that number by 5 and enter the result for that expense: $500 x 20% = $100, which is the result you want. The difference isn't reported anywhere on your return, so the gross-up is used only to report the correct amount for the rental.

**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