Rental property

[LDS60]

I rent a portion of my home for part the year. When I figured the portion rented (38%) I entered all my expenses in my spread sheet in regards to the portion that was the rental (38%) Since I do live in it for part of the year, turbo tax will take that percent and reduce what I have already reduced by percentage of use. My question is, should I be entering the full amount of property taxes, utilities and insurance instead of the 38%? This also affects my supplies and repair/maintenance categories when some of these items were exclusively for the rental. Can someone explain how this is suppose to work?

[RobertB4444]

You have two ways to enter this into TurboTax and they will both get you the same answer so either is fine.  You can figure out all of the math before you enter it and get the 38% of all of the expenses that are for the whole house and enter those amounts into the system.  You can also enter 100% of any direct expenses - the ones that don't have any bearing on what percentage of the house is rented - and then you're all set.  You'll have entered it as though it were a stand-alone property.

Or you can enter the property as a percentage of ownership.  Let the TurboTax system know that you rent out 38% of your personal residence and then you will enter 100% of all of the indirect expenses that you have that are for the whole house and TurboTax will do the math for you.  It will also give you a space later to enter any expenses that are directly for the rental.  

This stores that information for you and lets you roll it forward each year and means that you have fewer calculations to do on your own.  It will also make the calculations if you sell the home later a little easier.

@LDS60 

[LDS60]

I did the first method and had already calculated the 38% and entered it into turbo tax. The problem comes in when turbo tax asks how many days it was rented and I put 250 days, it further reduces the 38% that I entered to the percentage of days rented. Also, are you saying property taxes, utilities and insurance should not be reduced to the 38%?

[PatriciaV]

If you have already allocated the expenses yourself, enter 366 rental days (for 2024). That way, you are given 100% of the expenses you enter.