Hi,I purchased TT Home and Business this year and found out that Rental Prosperities and Royalties are under business. But they are personal income. What can I do?

Forum|Forum|3 years ago
April 2, 2023
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TurboTax Online

Best answer by AnnetteB6

The Rentals and Royalties will still be reported on Schedule E and your personal Form 1040. The Home and Business version of TurboTax just separates the inputs for Schedule C, Schedule E, and Schedule F from other sections of personal income since these sections are generally more complex than just entering a W-2 or Form 1099-R. They are categorized together in the Business tab because these three types of entities are 'businesses' in they way they operate and deduct expenses related to their income.

Everything that is entered in the TurboTax Home and Business version is being reported on your personal Form 1040 tax return. It is just organized differently and provides you with more extensive questions and guidance along the way than other versions of the program.

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ning-shiAuthor

I thought this would cause some legal issue since my rental properties are not being managed by my LLC. But basically nothing changed under the hood, just where to input data changed.

I usually buy the "premier" version for my personal tax and my CPA handles the business part. Somehow this year I thought I need the "business" version and caused the confusion.

Thanks for the clarification!