Can I put the mortgage and taxes on schedule A vs. schedule C?
Can I use my 21 days vs. 344 days for prorating the other expenses (utilities, etc). Or do I need to us the # of actually nights rented?
You'll need to sign in or create an account to connect with an expert.
Since you rented your vacation home most of the year, claim rental income and expenses in the Rental section, reported on Schedule E.
You can still claim the % of Mortgage Interest or Property Tax for your personal use on Schedule A. Enter these first in the Rental section and TurboTax will calculate your personal portion and move it to Itemized Deductions for you.
TurboTax will guide you when you set up your rental property in the Property Profile and Sale of Property/Depreciation areas in the Rental section.
If you offer substantial 'hotel-like' services, you could also report rental income/expenses on Schedule C, as a Business. You will be subject to Self-Employment Tax in this case, however.
Here's more info:
https://ttlc.intuit.com/replies/5652708
Since you rented your vacation home most of the year, claim rental income and expenses in the Rental section, reported on Schedule E.
You can still claim the % of Mortgage Interest or Property Tax for your personal use on Schedule A. Enter these first in the Rental section and TurboTax will calculate your personal portion and move it to Itemized Deductions for you.
TurboTax will guide you when you set up your rental property in the Property Profile and Sale of Property/Depreciation areas in the Rental section.
If you offer substantial 'hotel-like' services, you could also report rental income/expenses on Schedule C, as a Business. You will be subject to Self-Employment Tax in this case, however.
Here's more info:
https://ttlc.intuit.com/replies/5652708
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jmartsolftan-gma
New Member
fcbdc
Returning Member
tisyaalmira
New Member
psubradster
Level 1
david-wade-desig
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.