Yes, at least partially. You will need to upgrade to Premier.
You would enter the property particulars in the Rental section. On the screenshot below, you will see a place to indicate that you rent out part of your home. Expenses such as mortgage interest and property taxes are prorated between Schedules A and E. Deductible rental expenses are prorated by the square footage used for business. Shared spaces such as living room and kitchen are not part of rental space.
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?
- 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
- 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.
