property type code for residence used as a rental

Forum|Forum|3 years ago
March 3, 2023
1 reply
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what is the code?

Not A Product Question

tmunoz

For use in Section 1 of Schedule E, the type of property codes are:

1 Single Family Residence

2 Multi-Family Residence (apartment or duplex)

3 Vacation/Short-Term Rental

4 Commercial

5 Land only

6 Royalties

7 Self-Rental (renting to own business)

8 Other (any other type of property and you can enter a description)

If you are renting a single family home, then it will be Code 1.

earlmdawleyAuthor

The answer differed from the Turbo tax (Home and Business) allowed responses, and differed from Turbo taxes stated criteria for each response.

tmunoz

This is a copy of the screen when entering a rental property in TurboTax Desktop Home and Business. It matches the property types listed on Schedule E.

What kind of property are you renting? If it does not seem to fit one of these categories, please share some information so we can better assist.