PatriciaV
Expert Alumni

Get your taxes done using TurboTax

1) Yes, you can report this rental activity on your personal tax return. This information is entered under Rental Properties and Royalties, which results in Schedule E being added to your return.

 

2) Form 1099-MISC represents your rental income, which is entered in the Rental Income section and not under the 1099-MISC topic. 

 

3) Yes, you should report all related Rental Expenses, including the management fees. Any renovations that improved the property would be reported under Assets/Depreciation as a separate entry from the residence itself.

 

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