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becca5683
New Member

Do u have to count rent recieved as earned income if it is going to pay part of your mortgage

 
1 Reply
KatherineC
New Member

Do u have to count rent recieved as earned income if it is going to pay part of your mortgage

Yes, you do have to report rental income.  But it is not earned income.

Did you rent a portion of your home?   When you report the rental of a portion of your residence, you will need to indicate that you rent out a portion of your home on the page “Do Any of These Situations Apply to This Property”.  You can either calculate the amounts of real estate taxes and mortgage interest yourself or have Turbo Tax perform the calculations (recommended).  Turbo Tax’s calculation will be based on the percentage of square footage that is rental compared to the total square footage of the home.  Turbo Tax will then carry over the personal portion of those deductions to your Schedule A. 

For instructions on how to report your rental income, please continue reading.

https://ttlc.intuit.com/replies/3288530

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