In Turbotax Business, where do I enter Rental income and expenses?

Forum|Forum|7 years ago
June 1, 2019
3 replies
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I do not see anywhere to enter Rental income on the Income page. It says not to include Rental income under Service receipts.

TurboTax Business Windows

Best answer by TaxGuyBill

In your case, you can just enter it as regular income.

TurboTax probably has it poorly phrased, but you need to enter income from Rental Real Estate in a different section. That doesn't seem to apply to you, so just enter your income in the regular spot.

Rainman12

Employee

What kind of business (eg, partnership, C-Corp, S-corp), and what are you renting?

J

JP1Author

Employee

Partnership (LLC). Renting camera equipment, which are assets of the LLC.

T

TaxGuyBillAnswer

Employee

In your case, you can just enter it as regular income.

TurboTax probably has it poorly phrased, but you need to enter income from Rental Real Estate in a different section. That doesn't seem to apply to you, so just enter your income in the regular spot.

J

JP1Author

Employee

Thank you Bill. I have heard conflicting information, but I understand that rental income from renting out equipment might not be subject to SE tax. Is this true in my situation, and if so, how to I implement this?