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fxj
Returning Member

turbo tax is not displaying my rental expenses properly...it's being limited to my rental income. why?

 
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3 Replies
AnnetteB6
Employee Tax Expert

turbo tax is not displaying my rental expenses properly...it's being limited to my rental income. why?

Review the information that you entered in the Property Profile section for your rental property.  It could be that the number of personal use days are affecting the calculations.  

 

If you converted the property to a rental from personal use or vice versa, keep in mind that personal use only counts if the property was used personally while it was being used as a rental property.  

 

Days of personal use prior to converting to a rental and days of personal use after it was converted from a rental do not count and should not be entered.


 

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fxj
Returning Member

turbo tax is not displaying my rental expenses properly...it's being limited to my rental income. why?

My personal days and rental days are pretty much the same as my prior years which never limited my expenses...I wonder if the fact we are waiting for Turbo Tax to update their Asset Depreciation issue, if that is affecting other parts of rental expenses...it's just not working like every other year I have used it.

 

LaShaunA3
Employee Tax Expert

turbo tax is not displaying my rental expenses properly...it's being limited to my rental income. why?

We're expecting an update to ‌Form 4562 by February 11. If everything else entered is similar to previous years, and you think the issue could be tied to ‌depreciation, can you wait for the update? You can sign up at the link below to receive an email notification once it's available. 

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