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kyledz79
New Member

I am filing rental income on my primary residence (I rented to 2 roommates in 2024). I am unsure the correct way to record this in Turbo Tax's system.. please advise

 
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1 Reply
Vanessa A
Expert Alumni

I am filing rental income on my primary residence (I rented to 2 roommates in 2024). I am unsure the correct way to record this in Turbo Tax's system.. please advise

Are these roommates as in friends that are simply sharing expenses?  If so, then you do not need to enter this on your return.

 

If these are people you are renting to at Fair Market Value, then  you would enter this in the Rental Income and Expenses section using TurboTax Premium or TurboTax Premier.  Depending on the amount of house they have access to, will determine how you prorate and allocate expenses.  For example, if they have full access to the entire house and use of all appliances, heat, electricity in an equal portion, then you would claim 2/3's of the expenses as rental expenses.  If they only have access to one room, then you would determine the percentage of the home they use and allocate the expenses accordingly. 

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