Any rents you receive are considered income, regardless of if you renting at or below fair market value.
Report the rental income and expenses in the rental section, as you normally would. You will get to a screen asking you if you are renting at or below fair market value, and if you are renting to family.
In TurboTax Premium Online, report rental income by following these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Click to the right of Rentals, Royalties, and Farm.
- Click to the right of Rental Properties and Royalties.
- At the screen Your 2024 rentals and royalties summary, select Add another rental or royalty.
At the screen Was the rental rented every single day in 2024, at the question Was it always rented at a fair price..., select No.
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