You will use Premier to include your rental income.
When you say shared, do you mean that someone else owns the property along with you and you will share the income and expenses? If so, you must indicate that when you begin to enter the information. You will be asked what percent of the property you own.
Regardless of whether or not you receive a 1099 to report your income or if you meet Airbnb standards, you must still report your rental income on Schedule E.
Repairs and the TOT are expenses. Any major improvement must be depreciated.
To enter your rental:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2021 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- 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.
