Entered amounts differ when I compared rental information side by side with past year

Forum|Forum|3 years ago
February 11, 2023
5 replies
69 views

Hi I used Turbotax for our taxes in 2021 for one rental property. Entered our expenses this year correctly and triple checked, but when I put them side by side with 2021, the Real Estate Taxes and insurance amount differ with what I entered. Is this a glitch or my tax ignorance? Thanks

Best answer by AnnetteB6

No, being a part-year resident of the state where the rental is located should have no bearing on the information being reported on your Federal return.

Take a look at the Property Profile section for your rental property. If you were in a situation where the property was converted to personal use from rental use or vice versa, then you may have mistakenly entered that there were some personal use days during the year. Personal use days do not include any time just prior to or just after a change in the use of the property. If personal use days were entered, then expenses such as real estate taxes and insurance will be prorated.

If you did not have any personal use days reported, please let us know how you are comparing 2021 and 2022 information. Are you looking directly at Schedule E or using a summary of the information provided within TurboTax?

@tardiles

SantinoD

Alumni - Intuit

It is common for the expense amounts from the previous year are different. Insurance rates could have gone up or down and Real Estate taxes also could have changed. There could have been supplemental property tax (which doesn't happen often) last year.

I recommend going back and checking your records to confirm your amounts.

And to be sure you don't miss anything, here is a link with common rental expenses you can deduct: What kinds of rental property expenses can I deduct?

tardilesAuthor

Level 2

Hi thanks for your reply. I have triple checked the amounts. Is it possible because I was a partial resident of the state where I own the rental? I flagged that portion before I file and I won't until I find clarity, but it passes all the checks from the Turbotax software.

Thanks

AnnetteB6

Answer

Employee Tax Expert

No, being a part-year resident of the state where the rental is located should have no bearing on the information being reported on your Federal return.

@tardiles

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