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How do I report rental property income?

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New Member

How do I report rental property income?

If you're using TurboTax Online, you'll need to upgrade to TurboTax Premier.

If you're using TurboTax CD\Download, you may 

  • Deluxe — Recommended if you itemize and want to maximize your deductions.
  • Premier — Extra guidance and phone help from CPAs and EAs for your investment sales and rentals, and your retirement. The program also includes an IRA tool!

To enter rental income and expenses:

  1. In TurboTax, search for rentals and then select the Jump to link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2018 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 2019 collected in December 2018 is reported on your 2018 return.

If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.

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