How can I enter a real estate property that is partly rental income and partly personal use?

The software is designed to handle real estate property that is partly rental income and partly personal use.

Here’s how to set that up:

1. Enter a Real Estate asset and click the “more info” button.
2. In the “Rental Income Property” section, specify that the property is rental income.
3. In the “Real Estate Expenses” section, check the box to indicate that the property is also the party’s residence or a vacation home.

The sections will now be set up for this scenario.

In the Real Estate expenses section, enter just the personal expenses. In the Real Estate income section, on the line for expenses, enter just the expenses allocable to the rental income.

Part, but not all, of the mortgage will be allocable to the rental use, and the rest will be allocable to personal use.

You specify this in answer to the question about how much of the mortgage is allocable to the rental activity.

For example, if 60% of the property is rented out and 40% is personal space, you would specify that 60% of the mortgage would be allocable to the rental activity.