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Entering Income from a Rental or Royalty Property

Updated: 2/11/2008
Article ID: 5793

You'll enter income from property that you rent to others as well as income from royalty property, e.g. oil and gas wells, on Schedule E for your income tax return. Make sure that you have all income statements (such as 1099-MISC or K-1s), expense reports, and any other information related to your property before you begin to enter this information into the TurboTax program.

Here's how to get started:

  1. Start the TurboTax program, and then open your tax return:
    • In TurboTax Deluxe and TurboTax Premier, select the Federal Taxes tab, then select Income.
    • In TurboTax Home & Business, select Business, then select Business Income & Expenses.
  2. In the Your Income Screen, select the Select Specific Topics button.
  3. In the Your Income Screen:
    • In TurboTax Deluxe, select Other Income, then select Rentals & Royalties.
    • In TurboTax Premier and TurboTax Home & Business, select Rentals & Royalties.
  4. Select the Start or Revisit button for Rentals & Royalties.

rentals

  1. Follow the on-screen instructions to enter the income and expenses for your rental or royalty property in the TurboTax Interview.
  2. TurboTax enters this information for you on the Schedule E - Supplemental Income & Loss for your income tax return.
  3. When you finish, always make sure to check your tax return for errors before you e-file or print for filing.
    • Select the Federal Review tab, select Error Check, then follow the on-screen instructions.

 

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