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When renting a part of your home, in that first year you do that, one of the questions is mis-worded, resulting in you providing in incorrect percentage figure. You don't even realize it, and the program does not flag it either, because "mathamatically" it's not an error.
The question asked is "Percentage of time I used this item for business in 2020 (e.g. 80%)" The question should be "percentage of floor space that is being rented out". Now you were asked that question earlier. So if you put the same percentage in this box, and you did on a previous screen, the program will figure things correctly. Below is a screen shot of the screen in question here.
Thanks, This would be an awesome reply, if I could find the screen you're referring to in your response, but I'm not seeing it -- can't figure out how to get there.
Just wk through the property in the SCH E section the same exact way you did the first time. The only difference is, on that screen where you see "Add Another Rental or Royalty", you won't click that button. Instead, you'll click the EDIT button next to that property, as you'll see it listed there since you've already entered it.
Yes, I see where I edit the existing property, but in those screens, I never see the one you've shown above.
Wondering if the best course of action at this point might be to delete the property and start again.
If *and only if* 2020 is the first year you are reporting rental income, then it's fine to just delete it and start over. This is not at all uncommon for someone dealing with rental property for their very first time.
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