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Updated 10 months ago on . Most recent reply

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12
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Steve Wright
2
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12
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1st Year Rental in TurboTax - How to Split Tax Deductions?

Steve Wright
Posted

In the section for rentals in TurboTax, there is a checkbox if it was the first year for a rental, including the number of days it was rented.  I'm a little confused about deducting real estate taxes.  In my instance, it was rented out for 81 days last year, which would be 22% of the year.  Does 78% of the real estate tax get entered for my "personal" taxes and then 22% is on the rental side?  If this is the case, what other deductions need to be split?  I wasn't sure if maybe TurboTax did this automatically, but there's no indication that it does and I wasn't sure if I should enter my real estate taxes under personal or rental or both, or manually calculate the split.

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