This is my first time doing my return with rental property income and I can't figure out what I've done wrong to result in such a high return. Here are my questions:
- When adding rental expense amounts (of those already listed), I'm listing the total amount I spent, not the pro-rated amounts. Then I've added the % of business use (10% approx) of each expense under 'If less than 100% of an expense above applies to the business, enter the applicable percentage'. Is this right? Or should I be calculating the pro-rated amount myself? I don't know what the
- What is the 'Percentage of personal use of your rental property' % used for if I've already provided the % of business use on the second page? This one is 90% approx for me.
What else could I have done wrong on the rental property income pages? Any ideas?
