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

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

Using Turbo Tax Delux, how to allocate the Property Taxes portion of registration fee among 2 rental properties with one vehicle?

I use one vehicle for 2 rental properties:
The total property tax portion of the registration fee for the car is $1200
The total miles for the car is: 4000
Miles for property A is 1000, business percentage:25%
Miles for property B is 1000, business percentage:25%
Under "the car and truck Expenses worksheet":
For property A:
4c Total Miles: 4000
5. Miles for business: 1000
8. Percent for business use: 25%
26. 1000*0.545 = $545
27. Additional Expenses:
d. The property tax portion of the registration fee for the car = $1200
e. less person portion = ($900)
28. Total Expense:  $845
For property B, everything is the same as what I did for property A
The allocations for the property tax portion of the registration fee seems all correct!
 But when I look at Schedule A,
Sch A (5c) State and Local Personal Property Taxes: Turbo Tax put: $1800
Which is wrong, because Sch A (5c) supposed to be the non-business portion of the personal property taxes we paid on the car, which should be 1200 - 300 - 300 = $600, or half of $1200.
 
So, I am very confused about how to allocate the expenses on the "Car and Truck expenses worksheet" for the two properties with that use one vehicle.
 Your help is greatly appreciated!
--Li
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.

2 Replies

Using Turbo Tax Delux, how to allocate the Property Taxes portion of registration fee among 2 rental properties with one vehicle?

If you are using the standard mileage rate then skip the actual expenses section all together and the headache will go away.

Using Turbo Tax Delux, how to allocate the Property Taxes portion of registration fee among 2 rental properties with one vehicle?

No, this headache won't go away, I am using the Standard Mileage option. But the property Tax portion (and car loan interest, and paring, and tolls etc) are added to both the standard mileage and actual Expense method.

It is this 28(e): less personal portion of the property tax mess things up.

I am pretty sure this is a bug in the Turbo Tax Delux.

 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies