2023 Rental Income for 2024 Property Rental

[carlRcraw]

I have a vacation home in Florida. I recieved payment in 2023 for the rental that takes place from Jan-Apr 2024.

How is this handled? I believe I am supposed to report the income in my 2023 taxes, but the other questions that need answering are  not relevent to 2023, but rather relate to the rental that takes place starting Jan 1, 2024 thru end of April 2024. 

Thanks for the help.

[PatriciaV]

Yes, you need to report this income in the tax year that it was received. Set up the Rental Property and indicate that it was rented for one day. This allows you to report only the income. Do not add any assets or expenses. Next year, you can add the asset and enter the first date it was used as a rental property.

[carlRcraw]

Thanks for your response. 

When I try to enter 1 day on TurboTax (schedule E) so that i can claim the income, it says that it is not allowed. I have to have 15 days minimum. Should I use a different form?

Carl

[AmeliesUncle]

For this year, enter zero personal days.  That should get rid of the error.