Here are some steps, potential limits, and considerations to ensure your expenses are correctly entered in TurboTax and show up on Schedule E:
- Navigate to the Rentals Section:
- Sign into TurboTax
- Search for "rentals" in the magnifying glass at the top right of screen'
- Click on rentals
- select the "Jump to" link
- Enter Rental Property Information:
- Answer "Yes" to the question about rental income.
- Select "Rental property" and continue.
- Enter all relevant details about your rental property, including expenses
Common Issues:
- Glitches: Sometimes, expenses may not display properly due to software glitches. Try clearing your browser cache or using a different browser ( See notes below)
- Review Section: Ensure all data is entered and go to the "Review" section to see if the expenses appear
Limits That May Affect Expense Visibility:
- Business Interest Expense Limit: If your gross business receipts exceed a certain amount, some business interest expenses might be limited
- Startup Costs: You can deduct up to $5,000 in startup costs if your total startup expenses are under $50,00. If they exceed this amount, the deduction might be limited.
- Depreciation: Depreciation expenses might not show up if they are not correctly categorized or if the property is not eligible for depreciation
Rental Days and Personal Use:
- If the property was rented for fewer than 15 days during the year, you generally do not report the rental income or expenses
- If the property was rented for more than 15 days, you need to accurately report the number of days rented and personal use days to properly allocate expenses
For more detailed guidance, you can visit TurboTax's support page here or here.
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