1050713
You'll need to sign in or create an account to connect with an expert.
No, it is not correct.
You should only be deducting the total amount of real estate taxes paid one time. The total amount will be split between Schedule A for the personal use time and Schedule E for the rental use time.
If your main home is also being rented part of the year as a vacation home, then you would enter the property taxes in the Rental Income and Expenses section and check the box to carry the personal portion to Schedule A. That way, TurboTax will use the information you enter with regard to the days the house is rented to calculate the amount of property tax to allocate to the personal use and the rental use.
I am having the same issue. The mortgage interest and property tax amounts allocated to "personal" on Schedule E are not transferring properly to Schedule A. The amounts being transferred include the total amount I actually paid PLUS the "personal" amount calculated by Turbo Tax.
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.
kac42
Level 2
Blue Storm
Returning Member
torrescharfauros
Level 1
Pickle45
Returning Member
JohnB42
New Member