How do I file or deduct rental income on a home rental I don't own, that I'm subleasing for the price I'm renting?

[vmontero]

Also for the electric payment paid to me by the tenant for tenants' electrical usage on my electric account.

And what version of Turbo Tax do I use.

[ThomasM125 · Accepted solution]

You would report the rental income and expenses in the Federal section of TurboTax, then Income and Expenses, then Rental Properties and Royalties. You would report the electrical reimbursement as rental income, and then deduct it as a Utility expense. When you set up the property, don't add anything for the cost of it. You should deduct your rental payment as Rent Expense after setting up that expense as an Other Expense.  You should use the Premier version of TurboTax.

[Carl]

When setting things up in the assets/depreciation section, your COST is zero and your COST OF LAND is zero. Thats because you can not depreciate property that you do not own.