Yes, this income needs to be reported on Schedule E. Please follow the directions below to set up your rental property information and report your 1099-misc income:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- 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 2020 collected in December 2019 is reported on your 2019 return.
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