You'll need to sign in or create an account to connect with an expert.
Please enter only the rental portion of the real estate taxes as your rental expense. The remaining amount is your personal expense written off in Deductions & Credits section (just like mortgage interest). The same applies to any other expenses... for example utilities. If you paid utilities as a landlord and then as you lived there, you would allocate the annual utilities amount between rental portion (deductible as rental expense) and personal amount (not deductible at all).
Please enter only the rental portion of the real estate taxes as your rental expense. The remaining amount is your personal expense written off in Deductions & Credits section (just like mortgage interest). The same applies to any other expenses... for example utilities. If you paid utilities as a landlord and then as you lived there, you would allocate the annual utilities amount between rental portion (deductible as rental expense) and personal amount (not deductible at all).
When I enter the following Rental expenses the total expense come out short:
Management Fees: 1,695
Real Estate Taxes: 781 - Prorated
Insurance: 30 - Prorated
Professional Fees: 1500
Utilities: 904 - Prorated HOAs
Total Expenses should be: 4910
Turbo Tax Expenses calculate: 3454
Can you let me know if some of these expenses are not supposed to be prorated in data entry?
Also noticed that Turbo Tax says it only accounted for $663 in rental taxes.
You want the actual expenses for the rental to match what you are deducting on the Sch E. If you asked the program to prorate for you, then you do not need to prorate, you can enter the full amount.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
pwash
New Member
redmoose
New Member
SelenaP
New Member
gvl2024
New Member
abarmot
Level 1
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.