In Turbotax Business, where do I enter Rental income and expenses?

[JP1]

I do not see anywhere to enter Rental income on the Income page. It says not to include Rental income under Service receipts.

[Rainman12]

What kind of business (eg, partnership, C-Corp, S-corp), and what are you renting?

[JP1]

Partnership (LLC). Renting camera equipment, which are assets of the LLC.

[TaxGuyBill · Accepted solution]

In your case, you can just enter it as regular income.

TurboTax probably has it poorly phrased, but you need to enter income from Rental Real Estate in a different section.  That doesn't seem to apply to you, so just enter your income in the regular spot.

[JP1]

Thank you Bill. I have heard conflicting information, but I understand that rental income from renting out equipment might not be subject to SE tax. Is this true in my situation, and if so, how to I implement this?

[TaxGuyBill]

That is not true.  Renting "personal property" (equipment) *IS* subject to SE tax.  Renting Real Estate is not (which is partially why that is entered in a different section).

This link is specifically aimed at Sole Proprietors filing Schedule C, but the same thing applies for a Partnership.  It is included in your regular Gross Receipts, and subject to SE tax.
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p334/ch05.html#en_US_2015_publink1000313367">https://www.irs.gov/pu...>

[JP1]

Thank you for the explanation. Makes sense. I'm amazed that many in my industry (film industry) have accountants that list equipment rental income on Schedule E and argue that their clients are not in the business of renting personal property.

[TaxGuyBill]

That's scary (and tax fraud).