topic If I rent a room than a property that is not mine where I put it in my income in Investors & landlords

If I rent a room than a property that is not mine where I put it in my income

jaa1805 — Mon, 30 Mar 2020 07:24:36 GMT

Re: If I rent a room than a property that is not mine where I put it in my income

ColeenD3 — Mon, 30 Mar 2020 14:41:06 GMT

Even if you do not own the property, you would include your rental income on Schedule E.

Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.

Search for rental expenses 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

@ jaa1805

Re: If I rent a room than a property that is not mine where I put it in my income

Carl — Mon, 30 Mar 2020 15:34:54 GMT

You'll enter it on SCH E exactly the same as you would if you owned the property. The only thing is, you can not depreciate property that you do not own. So in the Assets/Depreciation section your cost basis on the property asset *MUST* be ZERO since you do not own the property.