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Get your taxes done using TurboTax
To enter information, here are the steps :
- Sign in to your account, and select Pick up where you left off
- At the right upper corner, in the search box, type in hobby expenses
- On the screen, Enter your hobby income and expenses for 2019, enter your information
If you charged rent at below fair rental price, it is not considered as a rental property for business. Instead, it is treated as a personal-use property, you would need to report the income as Other Income. IRS considers this as a hobby. Because of the TCJA, you cannot deduct any related expenses up to the rental income on Schedule A.
[Edited 4/3/2020 | 5:12 PM]
‎June 4, 2019
4:40 PM