The Money Mustache Community
Learning, Sharing, and Teaching => Real Estate and Landlording => Topic started by: MsPeacock on January 17, 2017, 06:55:38 PM
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I just got started on my 2016 taxes and this is the first year I have rental income from my basement bedroom (with bath and kitchenette, shared family room). Turbo Tax is asking me if my property is a "single family home" (unit where a single family lives) or a "multi-family home" (duplex, apartment building). I don't think either of these is quite right.... What category do others use for a similar set-up? The room is not a separate apartment.
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NVM - figured it out after more-than-usual googling around.
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Mind sharing what you found to save me the same googling? :)
-W
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Well, turbo tax goes on several pages later to ask if I was renting out part of my house, so that resolved it. I chose "single family" from their pick list. I haven't worked my way through the rest of the section. At some point I have to figure out what to say about the percentage of the property is rental, and figure out about various costs associated with it - which I am hoping Turbo Tax will walk me through.