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Investors & landlords
Yes, renting a room in your home qualifies as a Rental activity to be reported on Schedule E. You can return to this section of TurboTax by opening your return and using the magnifying glass in the header to search on "Schedule E" then clicking "jump to schedule e."
Review your entries for the Rental Property Info, which should contain a question about renting part of your home. You may have entered a percentage or the square footage. TurboTax uses this percentage to allocate your shared expenses (like property taxes and mortgage interest) between the rental activity and your home.
You are required to report the income from this activity, but reporting expenses is optional. Obviously, if you have expenses, your taxable income from this activity will be lower.
Additional Info:
- Where do I enter income and expenses from a rental property?
- What kinds of rental property expenses can I deduct?
- How do I handle capital improvements and depreciation for my rental?
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