Investors & landlords

You report all rents received and expenses of the property on form Schedule E  Here is how to show that in TurboTax:

To enter your rental income and expenses:

1. In TurboTax, 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.
   • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
   • 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. 

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.

In most cases, a taxpayer must report all rental income on their tax return. In general, they use Schedule E (Form 1040) to report income and expenses from rental real estate. If a taxpayer has a loss from rental real estate, they may have to reduce their loss or it may not be allowed.

Helpful Link on Rental Property:  How to Report Rental Property