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See how to enter rental income and expenses below.
TurboTax calculates the net rental income (loss) based on your entries. The rental is reported on Schedule E - IRS.gov Supplemental Income and Loss (From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
You report the amount your tenants paid as rental income.
You report the amount from your 1098-Mortgage Interest Statement Box 1 as mortgage interest. Mortgage Principal is not deductible.
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:
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.
See how to enter rental income and expenses below.
TurboTax calculates the net rental income (loss) based on your entries. The rental is reported on Schedule E - IRS.gov Supplemental Income and Loss (From rental real estate, royalties, partnerships, S corporations, estates, trusts, REMICs, etc.)
You report the amount your tenants paid as rental income.
You report the amount from your 1098-Mortgage Interest Statement Box 1 as mortgage interest. Mortgage Principal is not deductible.
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:
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.
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