We cash rent a small piece of farm land in Indiana. We live in another state all-year long. Hence, to file Indiana income tax on that cash rent, we have to purchase the Indiana state module for TurboTax as well as pay the Turbotax e-filing charge associated with Indiana. These two additional Turbotax expenses are the direct result of the income from the 100% cash rent in another state (Indiana).
Can these expenses be deducted from the cash rent income within TurboTax and if so where would they be entered?
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Line 10 on Schedule E (for that property); Legal and other professional fees.
Thank you. I assume then that these two expenses CAN be deducted then. Affirmative as viable expenses for deduction? Simple yes or no on this one. 🤔
YES ... they are directed related.
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