turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

chousal
New Member

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

7 Replies
chousal
New Member

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

Interesting.  The 2019 online version of turbo tax automatically messages/prompts one to enter expenses for a not-for-profit rental property under deductions and credits when taken through the rental property wizard.  Is this an error with the intuit software not being up-to-date in the latest  2018 tax law for not for profit rental property?

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

This is wheat I just copied/pasted from the IRS 2018 guidance.

Where to report. Report your not-for-profit rental income on Schedule 1 (Form 1040), line 21 or Form 1040NR, line 21. If you itemize your deductions, include your mortgage interest (if you use the property as your main home or second home), real estate taxes, and casualty losses from your not-for-profit rental activity when figuring the amount you can deduct on Schedule A.

So......the answer that expenses are not deductible is a bit misleading.  You may want to read the IRS guidance.  I also used the 2018 turbotax program and deducted everything until I read the answer that said expenses were not deductible.   I may call the IRS directly on Monday since it is costly not to include expenses.
chousal
New Member

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

Hello, just curious if there was an update on this one.  Still isn't clear on what and where to deduct "not for profit rental" expenses in Turbo Tax.   

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

I have this question too!

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

Under the new tax law for 2018, expenses are not allowable for a Not-For-Profit Rental.  

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

As of 2018, the deductions are gone with the tax law change. If you see a post from before 2018, they were deductible as a miscellaneous itemized deduction.

Where do I enter rental expenses in Deductions and Credits for a rental property that is deemed Not-For-Profit?

Unfortunately as of 2018, you can no longer deduct your expenses for a Not-for-Profit rental. Expenses subject to a 2% of AGI limitation are eliminated by Tax Cuts and Jobs Act (TCJA)

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies