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gaheez
New Member

I have a rental property I need to file rent received on my taxes

where do I put my rental income on turbo tax
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HelenC12
Expert Alumni

I have a rental property I need to file rent received on my taxes

Below are the steps to enter your rental in TurboTax:

  1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 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 2020 collected in December 2019 is reported on your 2019 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.

 

Related Information:


Source: TurboTax FAQ

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1 Reply
HelenC12
Expert Alumni

I have a rental property I need to file rent received on my taxes

Below are the steps to enter your rental in TurboTax:

  1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 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 2020 collected in December 2019 is reported on your 2019 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.

 

Related Information:


Source: TurboTax FAQ

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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