Form 1099K and Expenses Associated with a Rental

[khourych]

In 2024, I rented two weeks of my Marriott Timeshare through Redweek and received a total of $5830.  I just received my IRS Form 1099K from Redweek.  I can see where to enter the income noted on Form 1099K in Turbo Tax, but I don't see where I can deduct the expenses associated with earning that income (Maintenance Fees and Redweek listing fees.  Where do I list those expenses, and how do I get there in Turbo Tax?

[JamesG1]

The rental income reported on the IRS form 1099-K should be reported on Schedule E Supplemental Income and Loss on your Federal 1040 income tax return.  

Then the income reported on the IRS form 1099-K can be reported on the Schedule E as rental income.

The expenses associated with the income can then be reported on Schedule E as rental expense.

In TurboTax Online, establish the rental property activity by following these steps:

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & income.
• Scroll down to Rentals, Royalties, and Farm.  Click the down arrow to the right.
• Click to the right of Rental Properties and Royalties.
• At the screen Your 2024 rentals and royalties summary, select Add another rental or royalty.
• At the screen What are you here to report, select Rental property.  Click Continue.
• Click through the screens to establish the rental property asset.
• At the screen Let's enter the income, select Form 1099-K to report rental income.
• At the screen What expenses and assets did you have, establish the expenses to report against rental income.