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jaa1805
New Member

If I rent a room than a property that is not mine where I put it in my income

 
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2 Replies
ColeenD3
Expert Alumni

If I rent a room than a property that is not mine where I put it in my income

Even if you do not own the property, you would include your rental income on Schedule E.

 

Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.

  1. Search for rental expenses and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. 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
    • Rental expenses

jaa1805

 

Carl
Level 15

If I rent a room than a property that is not mine where I put it in my income

You'll enter it on SCH E exactly the same as you would if you owned the property. The only thing is, you can not depreciate property that you do not own. So in the Assets/Depreciation section your cost basis on the property asset *MUST* be ZERO since you do not own the property.

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