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posted May 31, 2019 6:23:41 PM

I rent a house and i rent out my house what is the rental income

I moved from my own house to rent a place due to my job. My house is rented out. What is the rental income deductible?

0 4 871
4 Replies
Level 15
May 31, 2019 6:23:43 PM

On the old house that you are now renting to others ... you are now a landlord with rental INCOME and expenses that are reported on the Sch E.

Level 15
May 31, 2019 6:23:44 PM

On the new house...there is not a Federal deduction for rent paid. Some states have one. If yours is one, you will be asked during the State interview.

Level 15
May 31, 2019 6:23:45 PM

Did you move from one state to another?  If so, be sure to fiele part year resident returns in both states as applicable..

Level 15
May 31, 2019 6:23:50 PM

TT Online Deluxe does not support Schedule E. You will either have to upgrade to Premier, or switch to TT Desktop. After you do, to enter rental property income and expenses -

  • Click on Federal Taxes
  • Click on Wages and Income
  • Click on I'll choose what I work on
  • Scroll down to Rental Properties and Royalties (Sch E), click the start or update button

See this TurboTax support FAQ on rentals - https://ttlc.intuit.com/questions/1894483-where-do-i-enter-income-and-expenses-from-a-rental-propert...

This may also be helpful:

https://www.irs.gov/pub/irs-pdf/p527.pdf