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Why don't my values for rental property expenses for insurance premiums and utilities not saved when I press continue. Is this a software problem?

I enter the values and when I hit Enter, it says "NOT STARTED
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1 Reply
VictoriaD75
Employee Tax Expert

Why don't my values for rental property expenses for insurance premiums and utilities not saved when I press continue. Is this a software problem?

There is a known software issue related to rental expenses when you only rent out a portion of your home. See the link below:

 

Why are my rental-specific expenses when using Renting Part of My Home limiting the deduction to a p...

 

However, if you rent the residence for 15 days or more and use it for personal purposes for more than fourteen days of 10 percent of the days rented, whichever is greater, rental expenses are allowed to the extent of rental income. Expenses are applied in steps until all income is offset. First, direct costs, interest, & taxes are deducted. Next, utilities, maintenance, and other expenses are deducted. Finally, depreciation is allowed. For these expense to be deductible, there must be positive income after each step.

 

If neither of these situations apply, please respond back in this thread and we can try to assist from there.

 

@twhughes17 

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