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Level 2
October 6, 2023
Question

1st year rental property

  • October 6, 2023
  • 1 reply
  • 0 views

in 2022 i converted 50% of my home into an apartment.  On form 4562  Do I  enter 100% of the Cost and Land or 50% of the Cost and Land ??      If I enter 100% do I enter Business use at 50%.    I have divided my other expenses by 50%.  Any suggestions ??  In my mind, i am thinking I should enter the 50%  that pertains to the apartment only 

1 reply

Level 15
October 6, 2023

Do the math yourself and then then enter the figures into the program. TurboTax is not great with respect to your scenario.

gsksAuthor
Level 2
October 8, 2023

That’s what I thought !  Just needed some reassurance.