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donnajeannecross
New Member

We own a home and the renters are renting with the option to buy. An agreed upon portion of their rent goes into an escrow acct to be used to purchase the home in 2018. Where would I enter that info on turbo tax

 
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RichardK
New Member

We own a home and the renters are renting with the option to buy. An agreed upon portion of their rent goes into an escrow acct to be used to purchase the home in 2018. Where would I enter that info on turbo tax

The amount that will be used to purchase the home and is deposited in the escrow account, typically is NOT reported on your tax return, the rent portion of the monthly payment is reported as rental income (on Schedule E).

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RichardK
New Member

We own a home and the renters are renting with the option to buy. An agreed upon portion of their rent goes into an escrow acct to be used to purchase the home in 2018. Where would I enter that info on turbo tax

The amount that will be used to purchase the home and is deposited in the escrow account, typically is NOT reported on your tax return, the rent portion of the monthly payment is reported as rental income (on Schedule E).

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