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spiderman3003
Level 1

rental property

I moved out our permanent home from Oklahoma last year in July out of the state to Missouri for New Job. Me and my wife owns the home. No mortgage. I contacted a leasing company and they are managing the rent for the house. They (LLC company) sent me 1099-MISC for income from rent which was from August to December. They manage the property. I was trying to use TurboTax Home and business software and entered all the expenses of insurance, maintenance, management fee.  The rent was around 12k and expenses around 10k. For some reason software says I have 0 income from rent. Is it possible? Is rent income is not taxable. Appreciate your help. Have a good day. 

1 Best answer

Accepted Solutions
RobertG
Expert Alumni

rental property

Net rental income income is taxable.

 

Sometimes you can't claim losses from rentals due to passive loss rules.

 

Did you also claim depreciation on the property?  (You should, depreciation is mandatory.)

 

That may be what is creating the loss.

 

To see, you can print your return prior to filing  but if you haven't already pre-paid your TurboTax fees (if any), you'll be asked to pay before you can print.

 

Here is how to print your return in TurboTax:

  1. If you're not already in your return, sign in at TurboTax.com and open or continue your return.
  2. Select Tax Tools and then Print Center from the left menu (on mobile devices, tap in the upper left corner to expand the menu).
  3. Select the first option, Print, save, or preview this year's return and follow any additional instructions.
    • If you're using a free version with no add-on fees, you'll be asked to register first.
  4. Once your PDF opens in Adobe Acrobat Reader, select the printer icon near the top.
  5. Make any adjustments in the Print window and then select Print at the bottom.

 

 

 

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

3 Replies
RobertG
Expert Alumni

rental property

Net rental income income is taxable.

 

Sometimes you can't claim losses from rentals due to passive loss rules.

 

Did you also claim depreciation on the property?  (You should, depreciation is mandatory.)

 

That may be what is creating the loss.

 

To see, you can print your return prior to filing  but if you haven't already pre-paid your TurboTax fees (if any), you'll be asked to pay before you can print.

 

Here is how to print your return in TurboTax:

  1. If you're not already in your return, sign in at TurboTax.com and open or continue your return.
  2. Select Tax Tools and then Print Center from the left menu (on mobile devices, tap in the upper left corner to expand the menu).
  3. Select the first option, Print, save, or preview this year's return and follow any additional instructions.
    • If you're using a free version with no add-on fees, you'll be asked to register first.
  4. Once your PDF opens in Adobe Acrobat Reader, select the printer icon near the top.
  5. Make any adjustments in the Print window and then select Print at the bottom.

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

spiderman3003
Level 1

rental property

I bought the Home and Business TurboTax software from Sams. My question is that on Rental Properties and royalties, I don't see tab of Rental income. It says only Royalty Income since I updated software online. I feel that there would be a bug on the TurboTax software which is causing this issue. 

 

Thanks

Have a good day

Stay safe

Critter
Level 15

rental property

Look in the BUSINESS tab for the rental section ... it is in the same place as the royalty you already found ...

 

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