Rental Income (2024)

• TurboTax Home & Biz Windows

‎April 7, 20231:24 PM

No, your rental income does not include your mortgage payment nor is it the difference between your rental income and your mortgage. Your rental income is the difference of the amount that you received from renting your property minus ordinary and necessary expenses that you incur from renting your property. There’s a list of expenses that you can deduct. Some of them are utilities, repairs, property tax, mortgage interest (not your mortgage payment), depreciation, cleaning, and maintenance). Please review the TurboTax articleRental Real Estate and Taxes for more information.

Follow the steps below to enter your rental property:

1. Open or continue your return if you haven’t already
2. Locate theSearchbar in the upper right of your screen. Search forrentalsand select theJump tolink at the top of the search results
3. AnswerYesto the questionDid you have any income from rentals or royalties?
4. On the next screen,Let's see if you're a real estate professional, select any options that apply to you.
5. On the screenWhat are you here to report?, selectRental propertyandContinue
   • 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
6. 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
7. When you reach theHere’s your rental property infoscreen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out
8. Once you’ve entered all your info, you’ll be taken to theYour income and expensesscreen
   • If you have more rentals to enter, scroll down toRental Properties and Royalty Income (Sch E)and selectEdit/Addnext to this line
   • On theYour 2022 rentals and royalties summaryscreen, selectAdd another rental or royalty
   • From here, follow these instructions again, starting with Step 5, and repeat until you’ve entered all your rental income.

Please refer to the TurboTax Help articleWhere do I enter income and expenses from a rental property? for additional information.

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