Question

How do I set the purchase price of my home in the rental income section when I only rent a bedroom and bathroom in my home? Do I pull out a percentage of the purchase?

Forum|Forum|4 years ago
February 20, 2022
1 reply
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So do I pull out the percentage of the purchase price of the home according to the size of bedroom and bathroom rented or do I put in the full value of my home purchase? Same question with the closing cost fees for the rental section.

TurboTax Premier Online

ColeenD3

If you are entering the information as a rental for the first time, include your closing costs in the basis.

You need to prorate according to the square footage. If your total square footage is 1000sf, and the bed and bath are 100sf, you are renting 10% of the house and the rest is personal.