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mbfranck
New Member

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

In June 2018 I purchased a condo in Orlando to rent out on a short-term basis for visitors to Orlando.  After closing on the condo I upgraded the interior (ripped out carpet and installed tiles, painted the whole condo, installed granite in the kitchen and baths, installed backsplash in the kitchen, and completely furnished the condo, etc.).  I hired a property management firm to handle the rentals and it was made available for rentals in August.  Based on this scenario, which are the related Federal Tax forms I should use for filing my 2018 taxes?  Thank you.


1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

You will enter your rental on Schedule E. If this is strictly a rental with no personal use, it is fairly straightforward. If it is used for both personal and rental, it is a vacation home and subject to certain rules.

https://www.irs.gov/taxtopics/tc415.html

Enter your information under the Rental Section. Your basis is your purchase price plus the cost of the improvements. The furniture will be separate as it will definitely not last 27.5 years. You may want to list each piece separately, so if it gets destroyed, you can remove it from service and purchase a replacement and depreciate that one as new.

Steps

Go into your TurboTax return. 

  1. Search for rentals 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
    • Capital assets and depreciation
    • Vehicle expenses

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.

View solution in original post

6 Replies
Coleen3
Intuit Alumni

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

Did you collect any rent?
mbfranck
New Member

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

Yes, but I had repairs that exceeded the rental income.
Coleen3
Intuit Alumni

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

Tha't fine. Answer will follow shortly.
Coleen3
Intuit Alumni

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

You will enter your rental on Schedule E. If this is strictly a rental with no personal use, it is fairly straightforward. If it is used for both personal and rental, it is a vacation home and subject to certain rules.

https://www.irs.gov/taxtopics/tc415.html

Enter your information under the Rental Section. Your basis is your purchase price plus the cost of the improvements. The furniture will be separate as it will definitely not last 27.5 years. You may want to list each piece separately, so if it gets destroyed, you can remove it from service and purchase a replacement and depreciate that one as new.

Steps

Go into your TurboTax return. 

  1. Search for rentals 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
    • Capital assets and depreciation
    • Vehicle expenses

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.

View solution in original post

mbfranck
New Member

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

Many Thanks TurboTaxColeen!
Coleen3
Intuit Alumni

In mid 2018 I purchased a condo in Orlando to rent to tourists (short term rentals). Which Federal Tax forms should I use for filing my 2018 taxes? Thank you.

My pleasure.
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