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You will treat this as a regular rental. You will also need to do an "allocation" for the amount of square footage upstairs as a percentage of the square footage of the whole house. For example, if your house was 1,000 square feet and the upstairs was 400 square feet, then your rental allocation would be 40% that is, 400 divided by 1,000.
Remember to enter your 1098 Mortgage Interest Statement only in the rental screens. TurboTax will calculate how much is for your rental and how much is for your personal use.
To enter your rental, choose the Federal Return and then the Wages & Income tab,
You will treat this as a regular rental. You will also need to do an "allocation" for the amount of square footage upstairs as a percentage of the square footage of the whole house. For example, if your house was 1,000 square feet and the upstairs was 400 square feet, then your rental allocation would be 40% that is, 400 divided by 1,000.
Remember to enter your 1098 Mortgage Interest Statement only in the rental screens. TurboTax will calculate how much is for your rental and how much is for your personal use.
To enter your rental, choose the Federal Return and then the Wages & Income tab,
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