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February 12, 2020
Question

Rental Property Question

  • February 12, 2020
  • 1 reply
  • 0 views

Hello all, I am trying to determine the right step for my rental property. This home was my primary residence for 320 days, listed for rent, and rented for 10 days in 2019. Turbo tax is having an issue with this since the rental was less than 15 days and says it will be adjusted out. When I get to the check I always have an error because it is then asking for a schedule E. When I do the schedule E it then goes into complaining that is was less than 15 days. Do I just not claim a rental property this year and add it into 2020? 

 

I am also curious how this works, we still have a mortgage on the rental house but we will make a little bit off of it. Does it just know this based on 1098 forms for our primary home and rental home? 

 

Thank you!

    1 reply

    KrisD15
    February 12, 2020

    Second question first.

    You will have a schedule E for the rental and the interest on that 1098 will be reported as a rental expense ONLY, not Home Mortgage Interest. 

     

    For the first question, it is considered your personal residence for 2019. You don't report the income, you don't claim any expenses. 

    If it is a rental next year, report it on a schedule E. 

    Tax rules for rentals

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