Wrong allocation for part-year rental

Forum|Forum|2 years ago
April 10, 2024
1 reply
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We rented out our primary residence for 308 days in 2023 (85%). TurboTax is only allocating 23% of our expenses instead of 85%. I have no idea why.

TurboTax Premier Online

AmyC

Employee

You answered something wrong. You want to mark that during the time it was a rental, there were ZERO personal use days. You should be getting the full amount of the expenses while a rental.

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isskewlAuthor

It was a rental for part of the year. TT asks how many personal days and how many rental days and I put in the correct answers. The only time period in question is the tax year 2023, during which it was not rented 100% of the time, hence the need to allocate expensed based on percentage.

mglauner

In the Property Profile, enter the 'date placed in service'. After that date, indicate 0 personal days. TurboTax will calculate the correct % based on the service date.

The days prior to 'date placed in service' are automatically assumed to be personal and not counted and don't need to be entered.

@isskewl