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Rental property converted to primary home 2024 and how to report expenses

I have a rental property that I converted to primary home to live in 2024. For the portion that I fill in for the 4 months it was a rental: do I put in the amount that I paid for the expenses for the year or only for the 4 months it was a rental.

For example: The home insurance was $835 for the year and $278 for the time it was a rental. Do I enter $835 or $278. If I enter $278, it seems like Turbo tax later calculates the total expenses as less than what I entered. 

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3 Replies

Rental property converted to primary home 2024 and how to report expenses

Only for the time when it was a rental.

Rental property converted to primary home 2024 and how to report expenses

If I enter $278 for insurance for four months, TT enters for insurance $91. It is as if TT was calculating the $278 as the total amount for the year and multiplying it by 0.33 to get the amount for 4months??  .... If that is the case, in order to get the correct expense amount of $278 , I need to put the whole year insurance amount which is $835? 

It does the same for my repair, maintenance and real estate taxes that I enter; it multiplies the amount entered by 0.33. 

PatriciaV
Expert Alumni

Rental property converted to primary home 2024 and how to report expenses

It depends on your answers to the property profile questions. If you have 33% business use, you would enter the full amount for expenses so the rental expenses equal 33% of the total. Enter any expenses specific to the rental on the last expense entry page "Any other rental expenses?" (these are not allocated).

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