If you have rental income, you would enter it in the Rental section. If you have not placed the building in service yet, you do not record it. It is not rental property until it is ready to rent.
Tip: 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.
To enter the rental:
Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.
- Search for rentals and then click the "Jump to" link in the search result.
- Answer Yes to the question Did you have any rental or royalty income and expenses?
- We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.)
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- 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.
