I use my house as my main residence but i also rent out two of the bedrooms.(dedicated to rent, no personal use)
I entered ALL interest and also ALL taxes into the schedule E section that asked for it. I chose vacation home for the house since i use it as personal and also rental. I was expecting some sort of proration to happen automatically by turbotax that carries the prorated tax and interest into my schedule A, which does not seem to be happening properly, i do see some interest and tax moved there but it does not add up and i cannot figure out how it is adding those values. I thought its based on the business use percentage i gave it in the depreciation section of the rental but it is not exactly prorated based on that it seems like. i thought i would prorate it myself between rental and personal. its quite a mess. any ideas?
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You need to use the single family home selection in the program and then indicate the percentage of business use.
The vacation/short term rental designation is for a separate residence from your primary (main) home.
I did that too. It is not asking me for the business use percentage for it unless when I add the depreciation of the asset, and it still does not calculate properly.
Few notes tho :
1. I marked that the property was rented all year. (even tho its mixed use, the rental part of it was rented out or at least tried to be rented out all year and had no personal use)
2. There is also a question asked about how i aquired this rental? I indicated none of the above since I did not purchase the rental! (as in, I did not purchase this as a rental and It is my home)
I'm not sure if any of above has any impacts.
Is it not moving the personal portions of interest and tax properly because of any caps or limits ? I dont think that should happen but thought i'd double check.
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