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Partial rental of home

Where do you indicate in the software that rental income is related to your primary residence, and how does it then show expenses (personal vs rental)?

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4 Replies
DawnC
Employee Tax Expert

Partial rental of home

When you set up the property profile, you will be asked what type of rental dwelling you have.   TurboTax will prepare the Schedule E.   

 

Where do I enter rental income and expenses?  

 

From Topic 415 - If you use the dwelling unit for both rental and personal purposes, you generally must divide your total expenses between the rental use and the personal use based on the number of days used for each purpose.  You won't be able to deduct your rental expense in excess of the gross rental income limitation (your gross rental income less the rental portion of mortgage interest, real estate taxes, casualty losses, and rental expenses like realtors' fees and advertising costs).    TurboTax can handle these allocations.

 

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Partial rental of home

It’s not giving me these choices that you indicate.  How do I get to that section??

KrisD15
Employee Tax Expert

Partial rental of home

To clarify, which TurboTax version are you using and is it Online or Desktop?

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Partial rental of home

How do I know which version?

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