If you are in the Rental Income and Expenses section, it is because TurboTax thinks you are renting out property you own. There are no tax credits for renting on your federal return. Some states have renter credits, but there are none on the federal return. If you do not rent out your property, then you do not need to enter anything in that section.
Delete any entries you have in the Rental Property section unless you are renting out your property. The following is a description of what type of income and expenses are entered into that section. @rsvgcash
What kind of income gets entered into the Rentals and Royalties Properties section?
- You receive income from property you rent to others.
- Royalties from oil, gas, and mineral properties.
- Income from copyrights on literary, musical, and artistic works, patents, and other intellectual property. (these would be considered investment royalties if you are not in the business of creating these works)
If you are receiving income from renting a lot you own, that income does get reported in the Rental Property section. If you own rental real estate, you should be aware of your federal tax responsibilities. All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income. Tips on reporting rental income.
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