If the rent is at fair market value then you can report it under Rental Income on Schedule E:Login to your TurboTax Account Click "Take Me To My Return"Click "Federal" from the left side of your screenScroll down to "Rentals, Royalties, and Farm" and click "Show more"Scroll down to “Rental Properties and Royalties (Sch E)” and click "Start" If the rent is less than the fair market value then you can report it under Other Income:Login to your TurboTax Account Click "Take Me To My Return"Click "Federal" from the left side of your screenScroll down to "Less Common Income" and click "Show more"Scroll down to “Miscellaneous Income, 1099-A, 1099-C” and click "Start" Scroll down to "Other reportable income" and click "Start"In this case, you can deduct your rental expenses only up to the amount of your rental income. You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. Mortgage interest and property taxes paid are claimed in Schedule A as for your residence.

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My child pays rent to me. Where do I enter this amount?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Deluxe Windows

Best answer by Zbucklyo

In general, if this is a below market rent that your child pays you just to live in your home, it really doesn't need to be reported. Think of it as cost sharing.

Z

ZbucklyoAnswer

Employee

In general, if this is a below market rent that your child pays you just to live in your home, it really doesn't need to be reported. Think of it as cost sharing.

D

DanaB27

If the rent is at fair market value then you can report it under Rental Income on Schedule E:

Login to your TurboTax Account
Click "Take Me To My Return"
Click "Federal" from the left side of your screen
Scroll down to "Rentals, Royalties, and Farm" and click "Show more"
Scroll down to “Rental Properties and Royalties (Sch E)” and click "Start"

If the rent is less than the fair market value then you can report it under Other Income:

Login to your TurboTax Account
Click "Take Me To My Return"
Click "Federal" from the left side of your screen
Scroll down to "Less Common Income" and click "Show more"
Scroll down to “Miscellaneous Income, 1099-A, 1099-C” and click "Start"
Scroll down to "Other reportable income" and click "Start"

In this case, you can deduct your rental expenses only up to the amount of your rental income. You cannot deduct a loss or carry forward to the next year any rental expenses that are more than your rental income for the year. Mortgage interest and property taxes paid are claimed in Schedule A as for your residence.

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