Who ever issued you the form should have sent you a Form 1099-Misc with rent in Box 1. 1099-NEC is for nonemployee compensation.
After you set up the rental and include the income, you will be asked about expenses.
To enter your rental:
- 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 2020 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.
