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I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

I rented room of a house for150 days of 2018. Rent use=%rental*150/365, but if I click "no, this property was not rented all year" then turbotax calculates 150/365 which assumes full rental use for those 150 days. How do I get correct %use?  Previously, I would cacluate the % myself and put it in after selecting that the property was rented all year which I can do again if I must because turbotax is not smart enough to figure this situation out.  Help is appreciated!!
Thanks!
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7 Replies
Carl
Level 15

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

The Screen of importance that I'm referring to is titled "Was this property rented for all of 2018?" I assume you are selecting NO.
The small print near the middle states: During the period in 2018 this property was a rental tell us how many days this property was rented at a fair rental price and used for personal reasons. Don't include days when the property was vacant.

Now lets say you converted the room or space to exclusive rental use on Nov 1, 2018 and from that date forward you never used that room or space for your personal use. Then you got it rented out and a renter moved in on Nov 5 2018,

Your days of personal use is "ZERO". Your days rented is 55. Prior to Nov 1, 2018 the property, space or room was *not* a rental. So you don't count the days before Nov 1, 2018 for anything.

Carl
Level 15

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

I assume you mean you rented "OUT" a room in your house that you own, and did not "PAY RENT" for a room in a house you do not own.

Read the screen. Pay attention to the small print. Your percentage of business use for the portion you rented out is one hundred percent. From the time you converted/declared the space as rental property, it was one hundred percent rental use. What is was used for before you converted it *does* *not* *count* for anything. So your business use percentage "of that specific room" was 100%.

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

That does not work because I cannot say the utilities we shared are 100% rental use!

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

Additionally, Turbotax is calculating the % of insurance, taxes, and motgage interest from the total as well.

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

If I put in only the rental use there it won't put in the correct leftover amount in my personal use.

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

If the room was used 150 days for rental and for personal use the rest of the year, you need to MANUALLY prorate the amounts and only enter the amounts that apply to THAT ROOM.  So if the rental room is 10% of your home, you only enter 10% of the mortgage interest, real estate taxes, utilities, etc..  Then the program will prorate that ROOM's expense based on the number of rental days.

I rented room of house 150 days of 2018. Rent use=%rental*150/365, but click "no, this property was not rented all year" then turbotax=150/365. How do I get correct %use?

Let me clarify my first sentence above:  I am assuming that the room was back-and-forth between personal and rental use.  If it was 100% personal and then converted to 100% rental, that is done differently (I think that is what Carl was describing).
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