Rental property

[RetherfordSB]

We rented my spouse's home out for the last half the year in 2020.   Should I divide the property tax and interest rate (home equity loan) EXPENSE inputs by half also?   We lived in the house for the first six months prior to retiring and relocating.

[AlanT222 · Accepted solution]

No, enter your actual expenses for the year.  As long as you accurately report the personal use days and the rental days, TurboTax will do the calculation for you.  

Here is how to enter your rental property:

To enter your rental:

1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for the property you own?
3. Follow the on-screen instructions as you proceed through the rental and royalties section.
   • We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
   • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2021 collected in December 2020 is reported on your 2020 return.