I am struggling a little with reporting rental property information since I am using Turbo Tax for the first time and my taxes were filed by an accountant till last year.
- Monthly rent is the only income generated. Does this mean only thing I need to add in the Income section is "Cash, checks, and electronic payments (like Square or PayPal)"?
- Under Expenses / Assets (Depreciation) section, I have entered expenses such as real estate taxes, insurance premiums, mortgage interest, management fees and Rental property checkbox under Assets was pre-selected. When I edit the listed property under Assets, it's asking me for the following fields:
- Date - is this the date of purchase?
- Cost - is this the total purchase price?
- Land - is this the land value per county records for the year 2024 or the land value in the year it was purchased?
- Business % - minimum value expected is 1 in this field. What should I enter here considering the property is not used for a business purpose and its just an investment property?
- Prior deprec. - Since this is the first time I am using Turbo Tax, will this come from my last year's tax returns? Which form I need to look for to get this information?
- Does the Passive loss carryover amounts apply to only those rental properties where income was less than the expenses?
