Where do I enter income and expenses from a rental property?
Tip: 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.
Now let's enter that rental:
Go into your TurboTax return. Not sure you're in there? Click on the orange Take me to my return button.
- Search for rentals 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
- Capital assets and depreciation
- Vehicle expenses
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.
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 2016 collected in December 2015 is reported on your 2015 return.