turbotax icon
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

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

Returning Member

Rental Property

I started to rent out my condo this year in April 2022.  How should I plan for the upcoming tax year?

1 Reply
Expert Alumni

Rental Property

The key to having a rental is having good records.  Decide on your system and track the income and expenses you incur related to your rental.  Keep in mind you may also be able to deduct expenses related to getting your property ready to rent so track those as well.  All of these items will be reported on a Schedule E form.  


A landlord is allowed to deduct any reasonable expenses used in the conduct, maintenance and managing of her rental properties. That includes:

  • Utilities
  • Taxes
  • Necessary and reasonable repairs to the property
  • Travel costs incurred while doing business

Expenses that are sometimes overlooked, according to David Ayoub, CPA in Syracuse, N.Y., are meal expenses for employees. “You can only deduct 50 percent of meal expenses incurred while doing business with potential clients or business associates. However, if you throw a Christmas party or a summer picnic for your staff, it’s generally 100 percent deductible.”


Here is a link to an article that provides more information for taxpayers with new rental property. https://turbotax.intuit.com/tax-tips/rental-property/real-estate-tax-and-rental-property/L3e09vT71




**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Use your Intuit Account to sign in to TurboTax.
By selecting Sign in, you agree to our Terms and acknowledge our Privacy Statement.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
message box icon

Ready to start your taxes?

Hand off your taxes, get expert help, or do it yourself.

See Pricing

Related Content

Manage cookies