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shamimformoso
New Member

Why is my rental income and expenses all shown as half the amount I entered? I'm married filing jointly...

 
3 Replies
Critter
Level 15

Why is my rental income and expenses all shown as half the amount I entered? I'm married filing jointly...

 
Critter
Level 15

Why is my rental income and expenses all shown as half the amount I entered? I'm married filing jointly...

Did you convert this property from personal to rental use ?   Was this a vacation home rental where you also use the property ?  Check the personal use days ... check the Sch E and the associated worksheets for your answer : 

 

 

 

You can peek at only  the Federal form 1040 and the summary of the state info by going here:

1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2)  then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"

Then hit the "Back" on the left side to get back to your tax entries.

             

             

To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.

                    

To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools  and then Print Center.  Then click on Print, save or preview this year's return.  On the next page, to pay by credit card, click Continue.  On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button.  The next screen will ask for all your credit card information so you can pay for the account.

Carl
Level 15

Why is my rental income and expenses all shown as half the amount I entered? I'm married filing jointly...

It's for one or both of two reasons.

 - You incorrectly entered a number greater than zero for days of personal use. The program is asking for days of personal use ***AFTER*** you converted it to a rental.

 - You incorrectly entered a number less than 100% for percentage of business use. The business use percentage ***AFTER*** you converted it to a rental is ONE HUNDRED PERCENT.

 

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