Does Turbo Tax automatically use 2 Schedule E forms if you add a second rental property?

Forum|Forum|2 years ago
March 23, 2024
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I am adding a second rental property in Turbo Tax. I would like to ensure that Turbo Tax uses a seperate schedule E for each property. What is the default when you add a second rental home? I do not want both rentals combined on one Schedule E.

ee-ea

Employee

TT uses a separate column for each rental. See the form https://www.irs.gov/pub/irs-pdf/f1040se.pdf

DawnC

Employee

TurboTax will generate a Schedule E worksheet for each property, but both worksheets will be part of the same Schedule E. See example below; Schedule E has both properties summarized, but each property has its own worksheet to figure the amounts on Schedule E.

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socalpatrick5Author

Thank you for the reply. I do not want passive losses from one property to offset potential passive gains on the other property. This way, if I sell one of the properties, I can offset any left over passive losses from that property with the capital gains of the sale of that property. In other words, I want them completely separate. Will the way TurboTax do it achieve that seperation?

Thank you.

Critter-3

TT will compute the passive losses per the IRS rules not the way you want them to ... read the form 8582 instructions carefully. https://www.irs.gov/publications/p925