You'll setup your rental property in the software and then enter all income and expenses related to it within the property. Be sure to enter all of your expenses within this section setup for the particular rental. I'll include instructions for entering mileage.
To setup your rental property, it will slightly depend on your software view. If you have a 'Business' tab, head there and follow the instructions below. Otherwise, head into 'Federal Taxes', then 'Wages & Income' and pick up the instructions below.
- Click Show more next to Rental Properties and Royalties
- Next click Start/Revisit next to Rental Properties and Royalties (Sch E)
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Here is where you'll need to enter your rental property and answer questions about your involvement in rentals. If you've already entered the rental property, you'll need to 'Review' your entries and you'll come to your 'Rental Summary'. Click Edit next to the property.
- Now, you'll be at a summary screen titled 'Review Your XYZ Rental Summary'. This is where you'll enter all income and expenses related to this rental. Scroll down to Vehicle Expenses and click Start next to Mileage or Actual Expenses to enter your vehicle usage.
