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Did you accidentally say you only owned 10% of the property instead of 100% ? Review the rental info section carefully.
Or was this a personal residence converted to a rental during 2021?
So that we can better assist you, would you mind providing a screenshot of the error? Please be sure to black out any personal information before posting the screenshot as Community is a public forum.
A few assumptions here.
- 2021 is your first year dealing with rental property on a tax return that you are preparing yourself with TurboTax.
- You have inadvertently indicated you only own 10% of the property, or you indicated the property was only 10% business use, or you indicated the property was only rented what comes out to be 10% of the time from when you placed it in service.
Don't know if this will help or not, but the below guidance may help you clear things up.
Rental Property Dates & Numbers That Matter.
Date of Conversion - If this was your primary residence or 2nd home before, then this date is the day AFTER you moved out, or the date you decided to lease the property – whichever is later.
In Service Date - This is the date a renter "could" have moved in. Usually, this date is the day you put the FOR RENT sign in the front yard.
Number of days Rented - the day count for this starts from the first day a renter was contracted to move in, and/or "could" have moved in. That would be your "in service" date or after if you were asked for that. Vacant periods between renters do not count for actual days rented. Please see IRS Publication927 page 17 at https://www.irs.gov/pub/irs-pdf/p527.pdf#en_US_2020_publink1000219175 Read the “Example” in the third column.
Days of Personal Use - This number will be a big fat ZERO. Read the screen. It's asking for the number of days you lived in the property AFTER you converted it to a rental. I seriously doubt (though it is possible) that you lived in the house (or space, if renting a part of your home) as your primary residence, 2nd home, or any other personal use reasons after you converted it to a rental.
Business Use Percentage. 100%. I'll put that in words so there's no doubt I didn't make a typo here. One Hundred Percent. After you converted this property or space to rental use, it was one hundred percent business use. What you used it for prior to the date of conversion doesn't count.
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