Where is the choice for IRS Method vs Tax Court Method for allocating property expenses? Can I switch between methods in different years or is the election permanent?

My question is two parts. I'm trying to find where on TurboTax I am supposed to choose between IRS and the Tax Court methods for my vacation home property. Also, I would like to know if I can switch to the Tax Court method even though I use the IRS method in past years for this particular property. Thank you.

582

Level 15

Jun 19, 2021 1:22:06 PM

It is at the end of Expenses in the Rental section of the program.

Note that, since tax reform (the TCJA), it is currently more advantageous to use the IRS method for many taxpayers.

See https://www.journalofaccountancy.com/issues/2018/sep/vacation-home-rentals-tax-deductions.html

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Where is the choice for IRS Method vs Tax Court Method for allocating property expenses? Can I switch between methods in different years or is the election permanent?