Personal Property Jan - Sep 2023 turned rental in Oct 2023.
While entering in Rental expenses the heading states "Fill any rental expenses you had". When I enter the rental expenses, I noticed its calculating against number of days rented. By doing this the expensed amount is not correct unless I enter the full 2023 expense amount.
E.g. - Utilities expenses for 2023 was $451. If I enter $451, I get 87 days of this amount which is $107.55 and not correct. If I enter the full Utilities expenses for 2023 of $1,893. 87 days calculates this to $451 which is the correct actual amount.
1.) Do I enter the full 2023 expense amount for each category since it is multiplying the rental days in use?
2.) If so, how to prevent categories such as Repairs and Supplies from prorating? While the unit was in use as a rental I had repairs and supplies. Why would this be prorated less than the actual amount?
Thank You
You'll need to sign in or create an account to connect with an expert.
It's going to pro-rate everything except mileage. Enter the full amounts for the year for everything. When it comes to repairs and maintenance you may have to mess with the figures a bit to get the correct deduction to read through there.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
Jtaylor93
New Member
003emz
Level 2
ib012
Returning Member
JLo1
New Member
ron2024
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.