Do I have to claim full rent from 1099-Misc, if I paid annual fees for time share unit that I rented out?

[mcalvin56]

I'm using TurboTax Delux for2019.
I own the timeshare unit but rented it out for 2019.  The property management company sent me the 1099misc for the full rental proceeds.

[MinhT1]

Yes, you should report the amount on form 1099-MISC as rental income, and the annual fees you paid as rental expenses.

[WlkakkI]

I have searched on TurboTax unable to find rental expenses.  Only response is for Real Estate Professional.  Where can I find rental expense to offset rental income on 1099?

[ColeenD3]

When you enter the rental section  you will:

• Set up the property
• Add Income 
• Add expenses

Note: 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. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2021 for property you own?
3. 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.

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.

[Carl]

If you'll just work through the program the way it's designed and intended to be used, you will be asked for the rental expenses that are allowed.