turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Real estate mid-year conversion personal to rental bug

When I enter mortgage interest for real estate that was converted from personal use to rental use on the 'Home Interest Worksheet', and I also indicate the days personal vs rental use on Schedule E (in my case, it is 155 personal, 210 rental), Schedule E correctly shows the breakdown of interest between rental and personal. However, Schedule A adds the Total Interest reported PLUS the personal use interest.

-------

Late entry: I couldn't find a way to delete this post. I addressed this by NOT entering the interest in the Home Interest Worksheet', and only entered it on Schedule E. To me, this wasn't clear in that the worksheet 'Note' did not clarify treatment of property that was converted mid-year.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply

Real estate mid-year conversion personal to rental bug

If you read that screen carefully, you only enter the number of days AFTER it was converted to a rental.

 

If there were no personal days after it was converted to a rental, then you enter zero personal days.  Then you will need to MANUALLY prorate the annual expense such as insurance, real estate tax, etc.

 

While it may SEEM like doing it the way you are doing it is working, it often causes errors and miscalculations.

 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question