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We paid cash for a 3 unit building in 2020. Two of the units are rented at fair market value and one in used by family. How is this recorded in turbo tax?

Half my building is for personal use and half is rented for fair market value.  
Can I deduct half of all my expenses for this building?
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2 Replies

We paid cash for a 3 unit building in 2020. Two of the units are rented at fair market value and one in used by family. How is this recorded in turbo tax?

common expenses would be allocated based on square feet.   expenses specific to the rental units are deductible in full.

We paid cash for a 3 unit building in 2020. Two of the units are rented at fair market value and one in used by family. How is this recorded in turbo tax?

If it is possible that you or your family may ever use one of the other units then I highly recommend entering in the 2 rented units separately.  AND you will need to split the common expenses yourself ... do not expect the program to do it for you correctly.  

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