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How to set up an Owner Occupied Duplex Purchase

Forum|Forum|7 years ago
June 3, 2019
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How do I enter an owner-occupied duplex in TT? I bought the building in 2018 and live in one unit while renting out the other. So I need to set it up in TT such that the rental unit and my unit are defined correctly with the appropriate depreciation going to the rental.

When you set up a new rental property, you enter the purchase price, escrow fees etc. that was paid for the entire building (rental+owner unit). How do you adjust those amounts so that the correct depreciation amount is applied to rental and self-occupied units?

Some guidance will be much appreciated.

Thanks,

TurboTax Premier Online

Best answer by Coleen3

It's easy. You will enter your information in the Rental Section. You will encounter the screen in the screen shot below. Check that you rent out a multi unit property. Next indicate that it is a duplex. Your expenses will be adjusted.

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Coleen3Answer

Employee

It's easy. You will enter your information in the Rental Section. You will encounter the screen in the screen shot below. Check that you rent out a multi unit property. Next indicate that it is a duplex. Your expenses will be adjusted.

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g-k-Author

Thank you Coleen. In the screen that you sent, I checked the multifamily (duplex) box and then had to enter the purchase price, escrow fees etc. for the entire building and TT calculated a depreciation amount for the entire building, not for the rental unit. (based on the sq. footage, expenses have be split 40/60 between rental and mine). So I am a bit confused as this depreciation is not applicable to the rental. Thank you.