Thanks for clarifying a bit. Your reference to "IRA" did not register with me when I read your initial post.
I assume you have a self-directed IRA and that you paid a professional to help you set this up. I'm not all that familiar with real estate IRAs. But I know enough to know that nothing concerning the IRA is reported anywhere on your "personal" 1040 tax return.
Your type of setup is becoming more common as time passes. My sister has something similar. She transferred money from her employer provided retirement account when the employer closed the business, into a self-directed IRA. Then, the IRA purchased a rental property and paid cash for it in full. Rent is paid to the IRA (not to my sister - that matters big time). All rental expenses are paid directly to the vendors by the IRA out of the IRA holdings account. Things like property taxes, insurance, repairs and maintenance costs.
She used a CPA or some other professional to get this all set up, as perfection in this is not an option.... it's a must. One tiny mistake, and the IRA can be disqualified as a tax deferred entity.
TurboTax can not be used for this at all, as it doesn't have the needed forms for all the reporting requirements, such as the 1098 as well as the yearly earnings report. I would highly suggest you seek professional help in your local jurisdiction to get this set up correctly, or to confirm your setup if you've done all this yourself. It's the IRA (not you) that is required to file reports and issue tax documents (such as the 1098-Mortgage Interest Statement) as required. The recommendation for professional help is especially suggested if your state also taxes personal income. You may have two sets of rules to follow then.
Once you've set it up or confirmed your set up with a professional more familiar with your desires, you should be able to handle it yourself in following years. Just remember, perfection is not an option; it's a must.
