I am adding a second rental property in Turbo Tax. I would like to ensure that Turbo Tax uses a seperate schedule E for each property. What is the default when you add a second rental home? I do not want both rentals combined on one Schedule E.
TT uses a separate column for each rental. See the form https://www.irs.gov/pub/irs-pdf/f1040se.pdf
TurboTax will generate a Schedule E worksheet for each property, but both worksheets will be part of the same Schedule E. See example below; Schedule E has both properties summarized, but each property has its own worksheet to figure the amounts on Schedule E.
Thank you for the reply. I do not want passive losses from one property to offset potential passive gains on the other property. This way, if I sell one of the properties, I can offset any left over passive losses from that property with the capital gains of the sale of that property. In other words, I want them completely separate. Will the way TurboTax do it achieve that seperation?
Thank you.
TT will compute the passive losses per the IRS rules not the way you want them to ... read the form 8582 instructions carefully. https://www.irs.gov/publications/p925