You report the income on
Schedule E. You will be able to
deduct a portion of your rent and utilities as a
rental expense.
Use these steps to get started with Schedule E:
On the top row of the
TurboTax online screen, click on Search (or for CD/downloaded TurboTax
locate the search box in the upper right corner)
This opens a box where you
can type in “schedule e” (be sure to enter exactly as shown here) and
click the magnifying glass (or for CD/downloaded TurboTax, click Find)
The search results will
give you an option to “Jump to schedule e”
- Click on the blue “Jump
to schedule e” link
You will need to answer some questions as if you own the property (even though you do not) just to get past that screen to move forward. Do not enter any information for depreciation of the property itself since you do not own it.
Click the following link for more guidance about your rental
income and expenses:
https://turbotax.intuit.com/tax-tools/tax-tips/Rental-Property/Renting-Out-a-Room-on-Airbnb-or-FlipK...
