Where do I enter income and expenses from a rental
property?
Note: If
your rental property is located out-of-state, make sure you first set
up that state properly in Personal Info.
That way, when you do your state taxes, we'll be ready to go.
Now let's enter that
rental:
1. In
TurboTax, search for rentals and
then click the "Jump to" link in the search result.
2. Answer Yes to the
question Did you
have any rental or royalty income and expenses?
3. Follow
the on-screen instructions as you proceed through the rental and royalties
section.
o We'll
first ask you to enter general information about your rental (description,
address, ownership percentage, etc.)
o Eventually,
you'll come to the Rental
Summary screen which is where you enter your rental income and
expenses, assets and depreciation, and vehicle expenses.
Tip:
Rent
is considered income in the year you received it,
not the year it applies to. This means that a rent payment for the month of
January 2018 collected in December 2017 is reported on your 2017 return.
If you're also filing a
nonresident state return to report income from an out-of-state rental property,
be sure to complete your nonresident state return before you
prepare your resident state return when you get to the State Taxes section.
Related
Information:
·
Can
I claim a security deposit?
·
What
kinds of rental property expenses can I deduct?
·
What
is rental depreciation and how does it differ from an expense?
·
How
do I handle capital improvements and depreciation for my rental?
Also make sure to read all the screens carefully in that section especially in the year the home is converted from a personal residence to a rental ... once the home is a rental you have ZERO personal use days ....AND you MUST depreciate the home ... it is a requirement not an option. And the common expenses for the personal use portion of the year and the rental portion must be prorated ... either do it yourself or let the program do it but do not do both ... personal goes to the Sch A & the rental to the Sch E.
