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Get your taxes done using TurboTax
You will enter all your rental property expenses on Schedule E (or possibly Schedule C, based on your business and services you provide).
Congratulations on your new rental business! Assuming this is the first time you've rented, you will need to set up your rental information, including gathering everything needed to determine correct depreciation of your home. It is very important to get this set up correctly!
Expenses for the entire home (like insurance, mortgage, property tax, and utilities) will be listed on your Schedule E by category, and a percentage of the total for the year will be considered expenses attributable to the rental. The percentage will be figured out when you set up the asset depreciation.
I am including links to information you may find helpful in understanding everything that happens when you rent your home.
TurboTax - Rental Real Estate and Taxes
TurboTax - Rental Property Tax Tips
TurboTax - Depreciation Recapture: Definition, Calculation and Examples
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