I rent my home for six months every calendar year and have been doing so for a long time. This year, TurboTax isn't adjusting the expenses (ie halving them) to reflect that period, and instead entering the full amount on the rental P&L.
So, while I can easily cheat this for most numbers (ie I can just enter half my property taxes instead of the entire amount), the automatically calculated depreciation number is more complicated.
In the past, it has calculated the full amount on the depreciation worksheet but then correctly reported only half that on the rental P&L. This year, it's putting the full year's amount, thus significantly (and incorrectly) reducing my taxable income.
Is there any way to fix this or get around it?
Thanks
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Did you answer all of the questions correctly? It does seem to be working properly for depreciation. Be sure that you are marking that the property was NOT used all year and that you had personal use. When you enter the days of personal use versus rental use, you should get to a screen that says it is combined use. After that screen, the expenses will be allocated if they apply to the entire house and the entire year.
The expense section, you would need to look at your Schedule E to see the breakdown. On the summary screen it does show your entire entry amount, however on Schedule E, it does allocate based on percentage. So before making any adjustments be sure to look at Schedule E if you did enter the days for personal versus rental.
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