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You enter the income and expenses on Schedule E. To find where to enter it, type rental income and expenses in the search box and click on jump to rental income and expenses.
You enter the income and expenses on Schedule E. To find where to enter it, type rental income and expenses in the search box and click on jump to rental income and expenses.
All rental income/expenses is reported on SCH E in the Rental & Royalty Income (SCH E) section of the program. If you do not own the property being rented out, then you can not claim depreciation on it. So when asked by the program, your cost basis in the property is ZERO DOLLARS.
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