We bought a home 10/31/16 and rented it Nov 1. We did not stay there in 2016. If I enter the full amount of tax & insurance paid in 2016 will TT prorate them or do I it?

2ndmg · ‎June 3, 2019

The house was purchased on 10/31/16 and put in the rental pool 11/01/16. We did not stay in there during 2016. Do I enter the entire amount of property taxes and the insurance premium paid in 2016 or do I prorate them? Or does TurboTax prorate them for me? There seems to be a lot of conflicting answers out there about this topic.

PaulaM · ‎June 3, 2019

If the property was purchased with the intent as a rental, then enter the taxes paid and insurance (full amount if premium is for one year or less), if you paid these expenses after 11/1/16.

If this home was never your primary or second home, you would not prorate the expense.

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PaulaM · ‎June 3, 2019

If the property was purchased with the intent as a rental, then enter the taxes paid and insurance (full amount if premium is for one year or less), if you paid these expenses after 11/1/16.

If this home was never your primary or second home, you would not prorate the expense.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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We bought a home 10/31/16 and rented it Nov 1. We did not stay there in 2016. If I enter the full amount of tax & insurance paid in 2016 will TT prorate them or do I it?