Rental Property

[gjwagner41]

What is the difference between "Rental Property" and "Home that we rent out"?

[MarilynG1]

No difference.  Some people rent out part of the home they live in, or rent out a second home that they also use and have to do allocations on rental expenses they claim. 

Enter your info carefully when setting up your Rental Property in the Property Profile section.

Click this link for detailed info on rental property. 

[gjwagner41]

Thank you!

Question: If I purchased a residential property for $74,000 (land valued at $14,000), is the basic value $60,000 with an increase value of the amount I put down on the loan?

[MayaD]

Don't take the loan in consideration, if you bought the property for $74000, enter $74000 for the purchase price and continue until you get to the screen "Enter Property Tax Values" and enter $14000 for the Land value.