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rekrapsun
New Member

Where do I enter rental property expenses?

 
1 Best answer

Accepted Solutions
DallasM
New Member

Where do I enter rental property expenses?

Note: 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.

Now let's enter that rental:

  1. In TurboTax, search for rentals and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
    • Eventually, you'll come to the Rental Summary screen which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

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 2017 collected in December 2016 is reported on your 2016 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.

Alternate Instructions:

  • Go to My Account > Tools > Topic Search
  • Type rental in the search box and click Go.
  • Answer Yes to Do you want to review your rental and royalty information.
  • Proceed through the entire interview to enter your rental property information and enter income and expenses.

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8 Replies
cawardmd1
New Member

Where do I enter rental property expenses?

I have been through the 1009 MISC several times and I do not see  place to enter expenses
DallasM
New Member

Where do I enter rental property expenses?

Note: 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.

Now let's enter that rental:

  1. In TurboTax, search for rentals and then click the "Jump to" link in the search result.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll first ask you to enter general information about your rental (description, address, ownership percentage, etc.) 
    • Eventually, you'll come to the Rental Summary screen which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

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 2017 collected in December 2016 is reported on your 2016 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.

Alternate Instructions:

  • Go to My Account > Tools > Topic Search
  • Type rental in the search box and click Go.
  • Answer Yes to Do you want to review your rental and royalty information.
  • Proceed through the entire interview to enter your rental property information and enter income and expenses.

Joannee100
New Member

Where do I enter rental property expenses?

Where do I enter rental expenses

WKins2
Expert Alumni

Where do I enter rental property expenses?

Follow the steps below to enter in the income and expenses from the rental:

 

The rental income is the total amount you receive from all sources for the rental. When you enter the information into the program you will enter under income the total amount you received for the rental. You will also be asked later in the program to enter in all the expenses (including mortgage interest for the property. This will reduce your rental income and properly calculate the profit/loss of the rental.   To enter in your rental information, please follow the steps below:

1. Login to your TurboTax Account

2. Click Continue your return if you have already started a return. 3. Click on Go to Federal Taxes heading

4.  Click on wages and income (you can either Choose Jump to Full List -or I'll choose what I work on)

5. Scroll way down to Rentals and Royalties- click on start or update 

6. Follow the interview questions and answer accordingly, you will eventually get to a screen that will say 'Let Us Enter Your Rental Info for You' (check the last circle to enter my rental info myself) 7. Rental Income - click Start or Update- complete this section 8. Expenses - click Start or Update- complete this section 9. Assets/Depreciation - click Start or Update- complete this section 

10. Vehicle Expenses - click Start or Update- complete this section 

 

Remember you will need to enter in the total rent you received for the year, then you will enter in your expenses (i.e. mortgage interest, repairs, property tax, etc...) You are only able to deduct the mortgage interest, not the principal. When you depreciate the cost of the rental, that will take care of the principal part. 

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Thomasokimoto
New Member

Where do I enter rental property expenses?

Rental property [PII Removed], Sacramento,ca 95831:

management fees $1,060.00

maintenance repairs $214.00

water sewer garbage $2,448.96

real estate taxes $3,693.15

insurance.    $616.00

Thomasokimoto
New Member

Where do I enter rental property expenses?

When can I get copy of filing with new info?
cordially submitted [PII Removed], PHARMD 

Thomasokimoto
New Member

Where do I enter rental property expenses?

When can I get copy of filing with new info?
cordially submitted [PII Removed], PHARMD 

also carry over negative stock market entry 

AnnetteB6
Expert Alumni

Where do I enter rental property expenses?

If you are working on your own return, use the following steps to go to the Rental Income and Expenses section to enter the details for your rental property:

 

  • On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner) 
  • This opens a box where you can type in “rental income and expenses” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
  • The search results will give you an option to “Jump to rental income and expenses
  • Click on the blue “Jump to rental income and expenses” link and enter your information

 

Or, if you are trying to contact a Full Service Expert that is helping with your tax return, please see the following TurboTax article for further instructions:

 

How do I contact my Full Service expert?

 

@Thomasokimoto

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