Partial rental of personal home

[stone9228]

I followed these steps, but I never receive the statement shown in your screen captures.  I have followed all of the instructions from this thread with no luck.  I am now attempting to manually split up my mortgage interest, real estate taxes insurance premiums, and utilities and apply 20% to the rental property and the other 80% to the house that we use as our primary dwelling.  I am not sure if this is the correct approach, but I am not sure what else to do at this point.  It is frustrating because I upgraded to Premium only because the percentage option was advertised as being included in this package.  However, I am not receiving this option.  I have logged all the way out of my account and logged back in with no luck.

[AnnetteB6]

You are going about it the correct way, but check one more thing before you continue.  Go to the Rental Income and Expenses section and edit your Property Profile.  As you go through this section, be sure that you have checked the box stating that you are 'renting part of your home'.  That should trigger the program to help you with the math aspect of splitting the expenses.  Be sure to finish all the questions in that section before moving on.

@stone9228 

[stone9228]

I have attached screen captures showing that "Part of Home (with office) and "Single Family" are both selected.

[MarilynG1]

I would recommend you delete that rental property, and add a new one and step through the interview again.  Don't indicate 'home office' as obviously the home office was not part of the rental % and any home office deduction you qualify for will be entered in the Business section. 

Once you selected 'rent part of home', say YES to 'rented all year' (this refers to the period from 'date placed in service').  Don't enter any number for days rented.  TurboTax calculates from 'date placed in service' to 12/31/2024.  Don't enter any number of 'days of personal use'. 

You should then get a screen asking you to enter the % of the home that was rented, titled 'Let Us Calculate Your Expense Deductions for You'. 

If you're using TurboTax Online, clear your Cache and Cookies after deleting, before re-entering.  The first time setting up the property is the hardest; calculating the correct Cost Basis for the % of home you're renting is important, so your depreciation deduction is correct.  You're probably making it harder than it needs to be; this is a good feature in TurboTax once you get it set up.

Here's more discussion on Renting Part of Home. 

@stone9228