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tenacitytravels

Level 2

Question

Tiny House land rental

Forum|Forum|4 years ago
February 16, 2022
2 replies
9 views

I rent out 1/2 of my yard to a Tiny House on Wheels and provide utilities to them.

Where do I enter this income in Turbotax and what expenses can I deduct?

I've had to put together a new lease an correct items (gravel pad, line to sewer) that were directly related to upgrading the Tiny House land where it's rented. I can't find any information about this type of land rental and would appreciate any guidance.

Level 15

All rentals go on a Sch E.

Level 15

Land is not depreciable, so you get no deduction for the land itself.

You may deduct the a proportion of your utility bills. You have to estimate their share of those charges, Comparing before and after bills would be one way to do that. Yo may also deduct a proportion of your real estate tax and mortgage interest.

You may depreciate the cost of the land improvements (gravel pad, line to sewer) over 15 years. Consider them 2 separate assets.

tenacitytravelsAuthor

Level 2

Is there a walk through of which options you choose on Turbo Tax regarding land rentals?

I'm having a hard time understanding which items in the rental flow relate to land only.

Thank you.

Level 15

One of the first questions your are asked is "What Type of Rental is This?"

You select Land. The the interview asks you specific questions. What specific questions are you having trouble with?