How does rental property affect my taxes?

Rental property is real estate that you lease or rent out to others. Examples include single or multi-family units, vacation or room rentals, and even land that you lease. If you received this income, you should’ve gotten a Form 1099-MISC or Form 1099-K, or have other records like receipts or bank statements. In TurboTax Live Full Service, your expert will also account for rental property expenses and depreciation, which can save you money on your taxes. Form 1099-S reports income based on real estate sales or exchanges; for example, if you sold your home, rental property, or land.