You'll need to sign in or create an account to connect with an expert.
Yes, that's correct. The rules define that any day of personal usage should be accounted; see "What is a day of personal use?" at the IRS rental publication HERE.
You can choose to let the software calculate your expenses, so that you only need to enter your expenses for the entire home. The software can then calculate your rental expenses based on the square footage percentage of the home to the entire property (home + garage). Also, if you make these selections, the software will allocate the personal portion of property taxes to your itemized deductions and same with the mortgage interest (if it doesn't exceed the second home/1.1 million limitations).
To enter this:
So when I answer "Percentage of time I used this item for this business in 2019" The percentage can apply to the percentage of the property is rental house and percentage property is personal garage? (80% rental 20% garage)
So when I answer "Percentage of time I used this item for this business in 2019"
No. As you work through the program you'll have two basic questions to deal with on percentages.
- Percentage of property used for business (this will be LESS than 100%)
- Percentage of time it was used for business (this will be ONE HUNDRED PERCENT)
One question is based on the percentage of the property used in the business. The other question is based on the percentage of ***TIME*** it was used for business.
so *PAY* *ATTENTION* *TO* *DETAIL*. After seeing this screwed up by many in the past, I can't stress this enough.
I don't want to beat this to death but I found the place to enter the "Time" I used the property for business. I have not found the question about what percentage of the property was used for business. Can you help me locate it? I am using turbo tax premier desktop.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
jb6001
Level 1
Arnie168
Returning Member
bkbond
Level 1
Atf1
Level 2
wake88
Level 1