TurboTax can accommodate rental income entry on your rental activity. You are not required to own the property you rent out, however there will be no real estate (building) you would depreciate since you do not own the real estate rental property. You will be asked if you actively participate and whether it was rented at fair rental value.
In the Schedule E Rental Property Info section, answer 'Yes' to the Property Ownership question, even though you rented the property. This allows you to report all rental income and claim all rental expenses for your rental property.
When you enter the days rented be sure you enter zero for the days of personal use if you never used the property.
Assets you purchased for use in the rental for the clients can be used for depreciation if they have more than a one year life. Any ordinary and necessary expenses will be a current deduction.
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