Yes, TurboTax Premiere edition would handle your rental property and expenses.
The "Supplies" category would be the best category for the supplies, and the small tools. "Auto and travel" would handle your expenses for in-town transportation and travel out of town overnight.
Tip: If your rental property is located out-of-state, make
sure you first set up that state properly in Personal Info. That
way, when you do your state taxes, we'll be ready to go.
Now let's enter that rental:
Go into your TurboTax return. Not sure you're
in there? Click on the orange Take me to my return button.
1.
Search for rentals and
then click the "Jump to" link in the search result.
2.
Answer Yes to
the question Did you have any rental or royalty income and expenses?
3.
Follow the on-screen
instructions as you proceed through the rental and royalties section.
o We'll first ask you to enter general
information about your rental (description, address, ownership percentage,
etc.)
o Eventually, you'll come to the Rental
Summary screen which is where you enter your:
·
Rental income
·
Rental expenses
·
Capital assets and
depreciation
·
Vehicle expenses
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.
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.
