Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
ag7
New Member

How do I enter expenses for my basement Rental?

I rent out my basement, and I am trying to claim expenses, what do I put in for property tax (I.E.) do I put in the full amount for the whole year, and then under personal % write my percentage of the house?

3 Replies

How do I enter expenses for my basement Rental?

That is correct.  For expenses you would enter the expense, ie hydro, for the whole year and then under personal percentage you would enter the percentage of the house that you occupy.

ag7
New Member

How do I enter expenses for my basement Rental?

Does  That mean that I.E. the rental is 20% of the home, i put in the total hydro for the year, and then if i own the home with my wife (co ownership) i would enter 40% on my personal % part ,and 40% on hers.?

How do I enter expenses for my basement Rental?

You would show the rental as being a partnership/co-ownership and put in the details of other owners (your wife).  Then enter the details of expenses showing that 80% was personal.  The TurboTax program will do the rest showing half of the profit or loss on each return.