You'll need to sign in or create an account to connect with an expert.
Yes. When you set up your rental (next year in the 2020 program) you will enter that it is a vacation home. Keep track this year of how many days you live there and how many days it is rented out. Your expenses will have to be prorated.
Colleen - Thank you - that is great. In doing a little research it looks like I will keep track of my mortgage interest, taxes, insurance and other expenses and prorate all for the number of days I rent it out as you mentioned. I guess Turbo Tax can handle all of that for me?
I want to put in new flooring, paint, etc. - my research seems to indicate these would be improvements that I would need to depreciate over time. Could Turbo Tax also help me with that?
Thanks so much for your quick and great first response!
Yes, all of those are doable in the TurboTax Premier program. If you finish your improvements before you begin to rent, you can include them in the basis of the home and depreciate them all in one asset entry.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
cabg
New Member
taxquestion222
Returning Member
lettersnumbersdashesaunderscores
Level 1
Andy_W
Level 1
Taxes_Are_Fun
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.