Rental property expense reporting

Forum|Forum|4 years ago
April 12, 2022
1 reply
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Hi - I have a property that I lived in rented for 6 months of the year and the next 6 months I rented the property. When reporting the common expenses such as home insurance, property taxes etc. do I calculate and enter only part of these expenses or TurboTax takes care of such calculations based on the dates I entered for the property?

TIA!

DianeW777

It might be best if you calculate the expenses and enter them yourself or 2021. You should calculate the portion of these expenses that should be for the rental based on the time frame it was rented as compared to the entire year. Take days rented by days in the year.

If you rent the entire property in 2022, then you will not need to perform any manual calculations. TurboTax can do it, if you have chosen all the right selections. Since last year was divided, you should do it to save yourself time as it's getting close to the filing deadline.

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