To report your rental income as a real estate professional, follow these steps:
- Select the Federal Taxes tab.
- Select Wages & Income.
- Scroll down the screen to the section Rental Properties and Royalties and click Start or Update.
- Respond to the questions.
- On the screen Please Confirm Your Professional Status you will have the option to select the responses that apply to your situation. To claim real estate professional status you will need to check both boxes that contain information about the time you spent in real estate activities.
- The next screen will contain information about the rental expenses you can deduct based on the level of your participation in rental activities.
- Continue through the section entering information about your rental activities and rental properties.
- As you respond to questions, Schedule C Profit or Loss From Business will be generated.
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