Investors & landlords

This will be reported on your individual return using the rental activity section of your tax return. Because you have a single member LLC (SMLLC) the IRS disregards this entity, meaning they do not expect any returns for this entity and all income is reported on your tax return.

Note: You must be using TurboTax Premier, Self-Employed, or Home & Business to enter income and expenses from a rental property you own.

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.

To enter your rental:

1. Open or continue your return, if you haven’t already
2. Locate the Search bar in the upper right of your screen. Search for rentals and select the Jump to link at the top of the search results
3. Answer Yes to the question Did you have any income from rentals or royalties?
4. On the next screen, What are you here to report?, select Rentals and Continue
   • If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later
5. On the following screens, we'll ask you to enter all the info we need about your rental property, including: a description of the property, your rental income, any expenses and assets, and other less common situations about your rental
6. When you reach the Here’s your rental property info screen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out
7. Once you’ve entered all your info, you’ll be taken to the Your income screen
   • If you have more rentals to enter, scroll down to Rental Properties and Royalty Income (Sch E) and select Edit/Add next to this line
   • On the Your 2021 rentals and royalties summary screen, select Add another rental or royalty
   • From here, follow these instructions again, starting with Step 3, and repeat until you’ve entered all your rental income

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 2022 collected in December 2021 is reported on your 2021 return.