Hi,
I rent one room from my primary residence. I have received form 1099-K and I am trying to fill Schedule E. Since both me and the renter staying all 365 days in the same house. In Schedule E What days to enter in "Days rented at fair rental value" and "Days for personal Use".
When I put 365 days for "Days rented at fair rental value" and 365 for "Days for personal Use", Turbotax does not like it. It flags this as error
For the rented room, you should report Days rented at fair rental value = 365 and Days of personal use = 0. Remember that you are reporting the days for the rented room only.
Here's some more information:
When you rent out part of your home, common expenses have to be apportioned between personal use and business use (rental) of your home.
You need to calculate the percentage of business (rental) use. One common method is to divide the square footage of the rented portion by the total square footage of the house.
In the rental section, you will deduct as rental expenses the rental portion (total costs multiplied by the percentage of business use) of each common cost (such as mortgage interest, property taxes, utilities…). You also claim other costs related to the rental such as repairs and maintenance, etc.
In the personal section, you will claim in Itemized deductions the personal use portion of mortgage interest and property taxes.
Please read this IRS publication, paragraph on Renting Part of Property on page 25.