reporting on more than one rental property I have 3

Forum|Forum|5 years ago
March 11, 2021
2 replies
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MarilynG

Level 15

You will set up each Rental Property individually, although they will be reported separately on Schedule E.

Type 'schedule e' in the Search area, then click on 'Jump to schedule e'.

In the PROPERTY PROFILE section, you'll give info on the property, then you'll be able to enter RENTAL INCOME AND EXPENSES.

In the ASSETS section, enter the Rental Property itself to claim Depreciation each year, and any other Related Assets you want to claim.

Click this link for more info on Tax Tips for Landlords.

This link has details on Depreciation of Business Assets you may find helpful.

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Carl

Level 11

Residental Rental Real Estate is dealt with in the Rental & Royalty Income (SCH E) section. You will deal with one single rental property at a time, from start to finish. YOu'll know you're done with the first rental property, when you are returned to the screen with the "Add Another Rental or Royalty" button on it.