I sublet a parking space that comes w/ my rental unit. On schedule e, it asks if I was the only owner? I am a renter so do not own it. Is this the right form, and how do I answer this? Thx.

Forum|Forum|6 years ago
June 6, 2019
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TurboTax Premier Online

PaulaM

Employee

Yes, you are using the correct form to report rental income/expenses.

Answer 'Yes' to the question. For purposes of the the schedule E form, you would be the 'owner' of the space.

What TurboTax is determining is if income/expenses needs to be divide for the rental unit. If you were a co-owner of the unit, then you would only be entering your share of the income/expenses for the parking space.

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spidergirl723

If I'm not the owner and renting, basically subletting a parking spot from the condo I rent, how exactly do I input that in TurboTax Home and Business 2022?

Carl11_2

Employee

Answer yes. Period.

Then, since you can not depreciate that which you do not own, the cost basis of the parking space will be ZERO. That way, there will be no depreciation.