You will include the full amount of the rental income for the year (not your net rental income) when reporting your rental income on Schedule E.
You will be able to claim rental expenses against this rental income under the rental expenses section. You can claim rental expenses related to mortgage interest, insurance, property taxes, property management fees, any utilities you pay on the rental, any repairs and HOA fees (include HOA fees as other miscellaneous rental expenses) just to name a few.
Also make sure to include your rental property (less the cost of land) under the rental assets section.
For rental real estate, you report rental income (and
related rental expenses) on Schedule E.
Once you have signed
into your TurboTax Account (for TurboTax Online sign-in, click Here , then select "Take Me to My
Return"), type "Schedule e" in the search bar then select
"jump to Schedule e". (This may require an upgrade.)
Alternatively, to enter this rental real estate
information in TurboTax Online (for TurboTax Online sign-in, click Here , then select "Take Me to My
Return") or Desktop, please follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Business" tab in
TurboTax Home & Business)
- Next click on “Wages &
Income” ("Business Income and Expense" in TurboTax
Home & Business)
- Next click on “I’ll choose
what I work on" or see more income
- Scroll down the screen until
to come to the section “Rental Properties and Royalties”
- Choose “Rental Properties and
Royalties” and select “start’ (or “update” is you have already worked on
this section)
Enter your rental
property information through the TurboTax guided questions. Just remember to
add your rental property under the asset section so that you can get your
correct depreciation expense deducted for your rental. (The IRS assumes that
you will take the correct amount of depreciation on your rental every year
regardless of if you take it or not).
Here is a link
that can provide you with helpful information related to your rental
property
TurboTax
- Tips on Real Estate Taxes and Real Property
