Question

Rental Property

Forum|Forum|1 year ago
January 25, 2025
3 replies
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For my rental income, the total expense amount being displayed on the Summary screen is the same as the income amount even though my expenses are higher. The Assets Depreciation amount is also showing $0 instead of my expected depreciation amount. Anyone else encounter this issue?

TurboTax Home & Biz Windows

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DianeW777

It depends. There are some questions that may be affecting your results, in particular whether you were an 'active participant'.

Open your TurboTax Desktop return:

Click the Business tab > Click Rental Properties and Royalties > Update
Continue to the property and select 'Edit' > Click on Property Profile
Continue making sure you have selected the correct answer until you reach 'You indicated You Actively Participate'
If you are making all the decision about the property then you are an 'active participant'.

Please update this post with more details if you have more questions.

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GablestimeAuthor

Thanks for the response Diane. I did as suggested and the total expense amount remained the same as the income amount. Going through the property profile screens I indicated that it was a Vacation or short term property. That I have passive activity losses carried over from prior year. That I rented it out for 240 days and used it for personal use 33 days. I own 100% of the property and that I owned it all year and finally that I am an active participant in the property

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DianeW777

It sounds like you were not using the property when it was rented since you used it only 33 days personal use in the year.

Also, it depends on what you entered on the screen 'Do any of these situations apply to this property?' Answer any that apply to you (see the image below).

You must be sure you do not indicate you have money in the property that you are not 'at-risk'.
On the screen 'Was this property rented all of 2024?' answer No and enter the rented days and personal days.

My results show a loss including the carryover loss.

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GablestimeAuthor

Thank you for your assistance. I have been using Turbo Tax since 2004 and it has always shown the total expenses and depreciation on the summary screen and then adjusted those amounts when it produced the Schedule E. I was concerned that something was not working properly since I was no longer seeing these total amounts.

Thanks again