@callahra -Yes
You deduct this expense where you deduct your other rental expenses. Schedule E or Schedule C as a "Other Deduction". You can account for it as a landlord. As a rental it is a personal expenditure and not tax deductible.
Generally, you claim expenses related to rental property on Schedule E and attach it to your individual income tax return. However, if you own the condo via a corporation, then you would fill out an IRS Form 1162 or 1162 S, which are tax returns for C corporations and S corporations, respectively.
Follow these steps to enter Rental Income and Expenses:
To go directly to the section of the tax return to enter information about rental income and expenses, use these steps:
- On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner)
- This opens a box where you can type in “rental income and expenses” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
- The search results will give you an option to “Jump to rental income and expenses”
- Click on the blue “Jump to rental income and expenses” link and enter your information
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