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| Are you a landlord? If you own property that you rent to others for more than 14 days during the year, you must report the income and related expenses for that property on your tax return. If you are not already at the rental screen, click the Navigator button for Income at the top of your TurboTax screen, then choose Business, Rental, and Farm Activities. On the screen that appears, check the box for Rental and Royalty Properties – Schedule E. |
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| Enter a description for the rental property, such as Cottage or Condo. Then enter the street address for the property. |
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| If you are filing a joint return, you will be asked to indicate which spouse owns the property. Check the option for Rental property. If you sold the property during 1999, indicate that here as well. You'll also be asked if you used the property for personal use and if you converted the property to or from rental use during 1999. Your answers to these questions will determine the kind of information that TurboTax will request on other screens. |
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| If your property was used for both rental and personal use, you will be asked to enter the number of days the property was rented as well as the number of days of personal use. If you visit the property for the purposes of maintenance or repair, that visit does not count toward your total personal days. |
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| If you are in the business of real estate property management, construction, acquisition, or development and do this business at least half of your working time during the year, you may be considered to be a real estate professional and as such the tax treatment of your rental property will be handled a bit differently. Click the real estate professional link to read a description if you think you qualify as a pro, then answer the question appropriately. |
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| You will be asked if you actively participate in the management of your property. Generally the answer to this question is Yes unless you specifically hire a property manager to manage the rental for you, and you just collect the rent. |
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United States
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