Re: Property i owned was a rental for part of the ...
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janinemxo
New Member

Property i owned was a rental for part of the year, do i report only prorated real estate taxes for time rented under the income section on turbo tax?

 
2 Replies
jtax
Level 9

Property i owned was a rental for part of the year, do i report only prorated real estate taxes for time rented under the income section on turbo tax?

Yes, prorate all the appropriate taxes. I would suggest calculating the total taxes and dividing by the number of days covered by each bill and then multiply by the days rented. It might be possible to deduct as a rental expense property expenses between living in it and renting it out if there was such a time period. But you would have to research that more to be sure.

 

The rest of the taxes (paid while you lived the property)are deductible on Schedule A. But most people can no longer deduct those because of the very large standard deduction. Worth entering thought just in case.

 

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Carl
Level 15

Property i owned was a rental for part of the year, do i report only prorated real estate taxes for time rented under the income section on turbo tax?

Yes you will prorate.

No you will not report it in the rental income section. It gets reported in the rental expenses section in the box for "real estate taxes".

 

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