We bought a home with a rental unit on the property, Turbo is asking if we were the only owners, we were not, but we don't have a partner, how do I answer the step?

[jmkees1]

We purchased our home with a rental unit on the same property 09/15/2017. It was previously owned & the rental unit was rented out 01/01/2017 up to & through our purchase, so we were not the only owners of the rental for the year. The question asks if we owned the property for all of 2017, which we did not, so I answered NO. It then assumes we are in a partnership for the rental, which we are not. I'm not sure how to proceed correctly.

[kerriP · Accepted solution]

You are going to answer that this was the first year you rented this property

No this property was not rented all year-  enter days you owned it and rented it

Enter you were the only owner-Read this question as when you purchased this property, were there any other owners who purchased with you.  As you guessed, this question is to determine if you had any partners.

One other thing you might need to consider, this rental was bought when you bought your house.  So you need to allocate a basis (cost) amount for the rental unit based on a percentage of the total cost.

Likewise, any mortgage interest or property taxes need to be allocated.

[jmkees1]

I went through it anyway after asking the question, knowing it can be changed if needed, but don't remember an area for allocating the rental purchase. I did allocate for utilities, property tax, etc... Maybe I missed it?

[kerriP]

It would be in the section where you are answering what you paid for the property