For income tax reporting purposes, when you rent out your rental, you are the "owner"
To enter income and expenses from a rental property:?
Note: 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.
Now let's enter that rental:
- In TurboTax, search for rentals and then click the "Jump to" link in the search result.
- Answer Yes to the question Did you have any rental or royalty income and expenses?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.)
- 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 2017 collected in December 2016 is reported on your 2016 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.so enter the days for personal use versus rental use.
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