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heeyyya
New Member

We purchased the duplex from our Landlord & still live in one unit & rent the other. Would that classify as making a rental into personal? Any information is helpful.

 
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DianeW
Expert Alumni

We purchased the duplex from our Landlord & still live in one unit & rent the other. Would that classify as making a rental into personal? Any information is helpful.

No.  You are renting out a unit in a multi-unit property (like a duplex).  When you enter the rental activity you will select this option. You did NOT convert any property from personal to rental or vice versa.  

Enter the rental activity income and expenses after making that selection on the page "Do any of these situations apply to this property?" (see image attached)  

TurboTax will enter the personal portion on your itemized deductions (mortgage interest, real estate property taxes) after your enter the full amount in the rental section.  Do not enter them twice in your return.

You will also enter the home cost as an asset in the depreciation section after the regular expenses.The home cost will be the purchase price plus any settlement charges such as title search, recording fees, etc. You will be asked when you purchased the property and TurboTax will calculate the correct depreciation. (use the images attached for assistance)

To go directly to the area in TurboTax (online or desktop) start here. (Sign into your account)

1.  In the search box upper right 

2. Search for rentals > Jump to rentals (see image attached)

3. Continue to Start or Edit your property

4. Review the images attached for assistance.

View solution in original post

3 Replies
DianeW
Expert Alumni

We purchased the duplex from our Landlord & still live in one unit & rent the other. Would that classify as making a rental into personal? Any information is helpful.

No.  You are renting out a unit in a multi-unit property (like a duplex).  When you enter the rental activity you will select this option. You did NOT convert any property from personal to rental or vice versa.  

Enter the rental activity income and expenses after making that selection on the page "Do any of these situations apply to this property?" (see image attached)  

TurboTax will enter the personal portion on your itemized deductions (mortgage interest, real estate property taxes) after your enter the full amount in the rental section.  Do not enter them twice in your return.

You will also enter the home cost as an asset in the depreciation section after the regular expenses.The home cost will be the purchase price plus any settlement charges such as title search, recording fees, etc. You will be asked when you purchased the property and TurboTax will calculate the correct depreciation. (use the images attached for assistance)

To go directly to the area in TurboTax (online or desktop) start here. (Sign into your account)

1.  In the search box upper right 

2. Search for rentals > Jump to rentals (see image attached)

3. Continue to Start or Edit your property

4. Review the images attached for assistance.

heeyyya
New Member

We purchased the duplex from our Landlord & still live in one unit & rent the other. Would that classify as making a rental into personal? Any information is helpful.

Thank you SO much Diane!!
DianeW
Expert Alumni

We purchased the duplex from our Landlord & still live in one unit & rent the other. Would that classify as making a rental into personal? Any information is helpful.

You're welcome!

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