turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Ask the Experts All About the W-4! >> Event happening NOW!!!
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I bought a rental property in Nov 2023 and it was vacant until April 2024. I paid RE tax and condo fee, how to report in turbotax?

I bought a rental property in Nov 2023 and it was vacant until April 2024. I paid RE tax and condo fee, how to report in turbotax?

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
maglib
Level 11

I bought a rental property in Nov 2023 and it was vacant until April 2024. I paid RE tax and condo fee, how to report in turbotax?

@cinmay1120 was it ready and available to rent? If yes, then you can use TT home & Business to enter rental information . If not ready and available to rent, you would have to track all your expenses to get it to rental and only in the year available to rent you would be able to amortize those costs.

If your rental property is located out-of-state, make sure you first set up that state properly in Personal Info. That way, when you do your state taxes, we'll be ready to go.

To enter your rental:

Open or continue your return, if you haven’t already.
Locate the Search bar in the upper right of your screen. 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 income from rentals or royalties?
On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
On the screen What are you here to report?, select Rental property and Continue.
If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later.
On the following screens, we'll ask you to enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your rental.
When you reach the Here’s your rental property info screen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out.
Once you’ve entered all your info, you’ll be taken to the Your income and expenses screen.
If you have more rentals to enter, scroll down to Rental Properties and Royalty Income (Sch E) and select Edit/Add next to this line.
On the Your 2023 rentals and royalties summary screen, select Add another rental or royalty.
From here, follow these instructions again, starting with Step 5, and repeat until you’ve entered all your rental income.
Tip: Rent is considered income in the year you received it, not the year it applies to. This means that a rent payment for the month of January 2024 collected in December 2023 is reported on your 2023 return.

If you're also filing a nonresident state return to report income from an out-of-state rental property, be sure to complete your nonresident state return before you prepare your resident state return when you get to the State Taxes section.

You can enter up to 45 rental properties in TurboTax.

**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
I am NOT an expert and you should confirm with a tax expert.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies