You would file your rental income and expense on Schedule E.
Regarding the income, it should be straight forward as that would be total amount collected.
You would have to do the math to prorate the expense, which could be based on square footage. Then you would allocate the percentage of the expense amount while just renting the room.
The software will complete and file the Schedule E with your return. Follow the steps below to enter your information for TurboTax to create a Schedule E.
To enter information for royalties or rentals, please follow the steps below.
- Federal Taxes tab (Business tab in Home & Business)
- Select Wages & Income
- Scroll down to Rental Properties and Royalties
- Select Start next to Rental Properties and Royalties (Schedule E)
- Follow the prompts to enter your royalty information.
-for additional information on schedule E follow this link-
Video: Filing Schedule E Supplemental Income ... - TurboTax
