SHORT TERM RENTAL QUALIFICATIONS

[zen2]

I have a short term rental property. Turbo tasks " Was this property rented for All OF 2019? Just to be absolutely clear, that does not mean available all year for rental? They are asking the actual  amount of days I actually received payment for? Correct?

[GiseleD · Accepted solution]

TurboTax is asking you to input the days the property was rented or available to rent (even if it wasn't occupied).

[Rae Butts]

The property was first available for rental on March 1, 2023.  It has been rented since March 10, 2023 through 11/30/2023.

[Carl]

The property was first available for rental on March 1, 2023. It has been rented since March 10, 2023 through 11/30/2023.

SO date placed in service would be 3/1/2023.

Days rented would "the whole year"

Days of personal use is ZERO. That's because you did not use the property for any personal use "AFTER" you placed it in service.

The program "knows" the days rented count starts on 3/1/2023 based on your in service date. If you elect to have the program do the splits automatically, then the program (not you) will know to split mortgage insurance and property taxes between SCH A for the period of time it was personal use, and SCH E for the period of time it was classified as a rental.

However, since property insurance is not deductible as a SCH A itemized deduction the program will not figure this for you. Therefore, you will have to manually figure what 10/12 of your insurance payment is, and enter that for your insurance costs on the SCH E.