Now let's enter that rental:
- In TurboTax, search for rentals and then click the "Jump to" link in the search result.
- Answer Yes to the question Did you have any rental or royalty income and expenses?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.)
- Eventually, you'll come to the Rental Summary screen which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
Tip: Rent is considered income in the year you received it,
not the year it applies to. This means that a rent payment for the
month of January 2017 collected in December 2016 is reported on your
2016 return.
If you're also filing a nonresident state return to report
income from an out-of-state rental property, be sure to complete your
nonresident state return before you prepare your resident state return when you get to the State Taxes section.
