I have a 3 family home that was used as follows in a given year. I owned the home since the prior year.
1st: Available for rent Jan 1 ;rented from April - End of year
2nd: Empty from Jan-September. I moved in October 1st.
3rd: Undergoing gut renovation all year.
How do I answer the number of days rented question in **Turbo Tax**?
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You should post your question in the QuickBooks Community.
https://quickbooks.intuit.com/learn-support/us-quickbooks-community/misc/03/community-us
I meant to say how do I respond to this question in **Turbo Tax**. I edited my original post to reflect that .
If the property has been placed in service as a rental and is available for rent all year, then the property is used 100% for rental purposes (i.e., no proration of expenses).
TurboTax will ask you whether you converted the property to personal use and then expenses will be allocated accordingly.
Lastly, if the property was taken out of service as a rental, then typical rental expenses are not deductible. If, however, the property was available for rental use during any repairs, then typical rental expenses are deductible.
So I have to manually pro-rate my deductions based on when the property was placed in service?
And deductions on mortgage interest and property taxes not allocated as rental expenses on Schedule E can be deducted on Schedule A?
Thanks
Yes, and interest and taxes that are allocated to Schedule A are subject to limitations.
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