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Tracking expenses on multi-family home that i own and live in
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Tracking expenses on multi-family home that i own and live in
Enter the paint expense in a grossed up amount in order for the allocation to apply the correct total. The results will skew the performance for both units, but it doesn't really make a difference, because all rental expenses flow to 1 line on the Schedule E. See attachment.
Ex: Paint expense should be $3,000. Enter 3,000 X 1.5 = $4.500. 2/3 of 4,500 = $3,000
The correct amount of the expense ($3,000) will be recorded and split between the two units. But both amounts funnel to one line on the schedule E.
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Tracking expenses on multi-family home that i own and live in
Enter the paint expense in a grossed up amount in order for the allocation to apply the correct total. The results will skew the performance for both units, but it doesn't really make a difference, because all rental expenses flow to 1 line on the Schedule E. See attachment.
Ex: Paint expense should be $3,000. Enter 3,000 X 1.5 = $4.500. 2/3 of 4,500 = $3,000
The correct amount of the expense ($3,000) will be recorded and split between the two units. But both amounts funnel to one line on the schedule E.
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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Tracking expenses on multi-family home that i own and live in
turbotax response: You called regarding allocation of rental expenses. There is a screen that asks whether you want Turbo Tax to allocate expenses or if you want to enter directly. To get back to this sceen, go to My Account - Tools - Delete form and then look for and delete the Schedule E Worksheet related to the rental. You will have to reenter all the data for the rental.
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Tracking expenses on multi-family home that i own and live in
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Tracking expenses on multi-family home that i own and live in
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Tracking expenses on multi-family home that i own and live in
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Tracking expenses on multi-family home that i own and live in
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Tracking expenses on multi-family home that i own and live in
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