Since you rented out your timeshare for 18 days and even if you didn't receive a 1099, you will still need to report the rental income and deduct your rental expenses on your tax return.
Here’s how you can handle it: in TurboTax:
If your rental property is located out-of-state, make sure you first set up that state properly in My Info (TurboTax Online) or Personal Info (TurboTax Desktop). That way, when you do your state taxes, we'll be ready to go.
To enter your rental:
- Open or continue your return - be sure you are logged in for links ot work
- Navigate to the rentals section:
- TurboTax Online/Mobile: Go to rentals.
- TurboTax Desktop: Search for rentals and select the Jump to link.
- Answer Yes to the question Did you have any income from rentals or royalties?
- On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
- On the screen What are you here to report? select Rental property and Continue.
- If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later.
- On the following screens, enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your 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 2025 collected in December 2024 is reported on your 2024 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.
