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Investors & landlords
It correctly is on Schedule E (unless services are provided to the tenants, such as maid service or meals).
If you qualify as a Real Estate Professional (see link below), make sure you have told that to TurboTax. Then you will also need to determine if you "Materially Participated" in each rental activity (if you did, be sure to tell that to TurboTax for EACH property).
If you do BOTH of those, the program should treat it as "non-passive" income (in tax terminology, "active" not the opposite of "passive").
https://www.irs.gov/publications/p925#en_US_2023_publink1000104591
https://www.irs.gov/publications/p925#en_US_2023_publink1000104581
‎October 28, 2024
2:58 PM
11,704 Views