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I am using turbotax self employed but also have rental property what do i use

 
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3 Replies
LindaA
Expert Alumni

I am using turbotax self employed but also have rental property what do i use

You can use TurboTax Self-Employed to report both your self-employed business income and expenses (Schedule C) and your rental income and expenses (Schedule E).


Please see the FAQ below for instructions on how to enter information about your rental property in TurboTax.

Where do I enter income and expenses from a rental property?  https://ttlc.intuit.com/replies/3288530
byro72
New Member

I am using turbotax self employed but also have rental property what do i use

Is this still true?  I own a rental property and am also self-employed.  I just need the self-employed software?  Also, the "Where do I enter income and expenses from a rental property? " does not work anymore, please update.

PattiF
Expert Alumni

I am using turbotax self employed but also have rental property what do i use

Yes, it is still true that TurboTax Self-Employed can be used for self-employment and rental property.

 

If your rental property is located out-of-state, make sure you first set up that state properly in Personal Info. That way, when you do your state taxes, we'll be ready to go.

To enter your rental:

  1. Open or continue your return, if you haven’t already
  2. Locate the Search bar in the upper right of your screen. Search for rentals and select the Jump to link at the top of the search results
  3. Answer Yes to the question Did you have any income from rentals or royalties?
  4. On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
  5. 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
  6. On the following screens, we'll ask you to 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
  7. When you reach the Here’s your rental property info screen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out
  8. Once you’ve entered all your info, you’ll be taken to the Your income and expenses screen
    • If you have more rentals to enter, scroll down to Rental Properties and Royalty Income (Sch E) and select Edit/Add next to this line
    • On the Your 2022 rentals and royalties summary screen, select Add another rental or royalty
    • From here, follow these instructions again, starting with Step 5, and repeat until you’ve entered all your rental income

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 2023 collected in December 2022 is reported on your 2022 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.

You can enter up to 45 rental properties in TurboTax.

 

Please see this TurboTax Help for additional information.

 

@byro72

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