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I have 2 rental properties. I allocate my auto depreciation between them. Manually I enter the auto info on the 4562 then split between the 2 homes. How to do in Trbo Tx?

 
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PatriciaV
Employee Tax Expert

I have 2 rental properties. I allocate my auto depreciation between them. Manually I enter the auto info on the 4562 then split between the 2 homes. How to do in Trbo Tx?

The easiest way to report that your vehicle was shared between two rental property is based on mileage for the Standard Mileage Deduction. Add the vehicle to each property using the same basic information. Report the same total mileage but enter half of the business miles on each property. 

 

If you don't use the standard mileage deduction, you'll need to enter half the basis and accumulated depreciation for the vehicle on each property to allow TurboTax to accurately calculate depreciation. In the same manner, allocate actual expenses between the two property vehicles.

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