To enter your rental purchase and related income and expense, follow steps below:
- Open or continue your return.
- Navigate to the rentals section:
- TurboTax Online/Mobile: Go to rentals or go to Magnifying glass and search for rentals and select the Jump to link.
- Answer Yes to the question Did you have any income from rentals or royalties?
- On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
- On the screen What are you here to report?, select Rental property and Continue.
- If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later.
- On the following screens, enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your rental.
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 2025 collected in December 2024 is reported on your 2024 return.
