In Expenses/Assets (depreciation) section for my rental property, asks to enter in real estate taxes, insuran premiums, repairs, etc. These amounts are for 2024 only?

[dpa500]

Turbotax isn't specific on the amounts that need to be entered into these categories. Is it the total amount over the years the property was used as personal property?

[AnnetteB6]

Yes, if you are entering expenses for your rental property, the expenses are for the current tax year (2024) only.  

Also, if it was not considered a rental property for the whole year due to converting it to a rental from personal or vice versa, you would only enter those expenses for the period of time it was a rental property during 2024.

[dpa500]

Thank you very much.  2024 was the first year that the property was converted from personal use to a rental.  With respect to your response, i would calculate the expenses (insurance,  taxes, HOA etc)  based on the fair rental days only,  correct? For the personal use days,  i would enter those expenses into schedule A (deductions), correct? For example (and ease of math), property taxes for the entire year was $366. Fair rental days were 100. $100 would be entered in the expenses section for the rental. $266 would be entered in the deductions section for property taxes. 

[AnnetteB6]

Yes, you are on the right track, but it depends in part on whether your fair rental days are all of the days that the property was available to rent.  You would actually consider the days the property was available to rent as well as the days it was actually rented.  

For example, suppose you placed the rental property in service on July 1st, but it did not rent until August 1st.  It was still considered a rental property starting in July even though it was not rented until August, so your expenses would be prorated 50/50 in this example -- 50% personal and 50% rental.  

You would enter the personal portion of the property tax on Schedule A Itemized Deductions.  But, the personal portion of insurance and HOA expense is not deductible.

@dpa500 

[dpa500]

Thank you so much.  Tracking with you and appreciate you confirming. Yes, also tracking that HOA, and property insurance while property was in personal use is not deductible. 

[AmyC]

Correct. Property insurance and HOA fees while in personal use are not deductible. They are for the rental period.