You will claim the amount
that you receive from your renters as rental income. Then you will deduct your expenses (including
your mortgage interest) from that income to determine your overall income or
loss from your rental property.
Use the following steps to go to the rental income and expenses
section of your return:
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 “rental income and expenses” (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 rental income and expenses”
Click on the blue “Jump
to rental income and expenses” link and enter
