It depends. There are a couple of critical areas such as whether you have said you are renting at 'fair rental value' (FRV) and whether you are renting for a profit. Also, if your income is over the threshold for allowing any passive losses that could also be a factor.
Phaseout Rule: The maximum special allowance of $25,000 ($12,500 for married individuals filing separate returns and living apart at all times during the year) is reduced by 50% of the amount of your modified adjusted gross income that’s more than $100,000 ($50,000 if you’re married filing separately). If your modified adjusted gross income is $150,000 or more ($75,000 or more if you’re married filing separately), you generally can’t use the special allowance. This is because the special allowance is reduced to $0 since the modified adjusted gross income is over the $100,000 amount.
- Sign into your TurboTax return > Search (upper right) > Type rentals > Press enter > Click on the Jump to... link > Edit next to the Rental Activity > Edit next to the Property Profile or General Info > Continue to the question about active participation
- Continue to the end of the section for TurboTax to save your changes.
It's best to print your return to review the details and see if they are what you expected.
You have access to all forms when you choose to print your return in TurboTax Online/Mobile. However you are required to pay before printing, but do not have to file until you are ready.
If you are using TurboTax Desktop you can switch to Forms and review all forms and worksheets.
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