homeowners insurance and flood policy

Forum|Forum|5 years ago
March 25, 2021
2 replies
38 views

Where do I add as an expense on my rental. When I add to the "insurance" section...it does not add to my expenses.

TurboTax Home & Biz Windows

RayW7

Alumni - Intuit

If you are reporting this for an investment rental property then it will be reported on Schedule E.

Enter both the insurance and flood policy as an expense in the category for "Insurance".

To enter your rental income and expense:

In TurboTax, search for rentals and select the Jump to link at the top of the search results.
Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- 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.

-follow this link for additional information-

Real Estate Tax and Rental Property - TurboTax Tax Tips ...

Carl

Level 11

The block for insurance is for the total of all insurance you paid on the property, in the tax year. So if you had two or more insurance policies on the property and you paid for those policies in 2020, enter the total paid for all policies there.