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April 17, 2022
Question

My home has a duplex on the parcel. where do I account for rent and expenses? not a separate rental property, but my home property.

  • April 17, 2022
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April 17, 2022

If one side of the duplex is rented and you live on the other side, then you would set up a rental Schedule E for the part of the duplex that is rented.

 

The rental Schedule E will include income and expenses, If any expenses, such as mortgage interest, real estate property taxes, utilities, or insurance cover the entire duplex, the expense would be divided between personal expenses and the rental. Personal expenses such as mortgage interest and real estate property taxes would be used as a deduction on your personal return.

 

Here are instructions to enter the rental property for the first time.

 

This article is for property owners renting out their property. If you’re a renter looking for info on renter's credits, see this article.

 

Note: You must be using TurboTax Premier, Self-Employed, or Home & Business to enter income and expenses from a rental property you own.

 

To enter your rental:

  1. Open or continue your return, if you haven’t already
  2. Locate the Search bar in the upper right of your screen. Search for rentals and select the Jump to link at the top of the search results
  3. Answer Yes to the question Did you have any income from rentals or royalties?
  4. On the next screen, What are you here to report?, select Rentals and Continue
    • If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later
  5. On the following screens, we'll ask you to enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your rental
  6. When you reach the Here’s your rental property info screen, double-check the info you entered to make sure everything is accurate and that you haven’t left anything out
  7. Once you’ve entered all your info, you’ll be taken to the Your income screen
    • If you have more rentals to enter, scroll down to Rental Properties and Royalty Income (Sch E) and select Edit/Add next to this line
    • On the Your 2021 rentals and royalties summary screen, select Add another rental or royalty
    • From here, follow these instructions again, starting with Step 3, and repeat until you’ve entered all your rental income

What kinds of rental property expenses can I deduct?

What is rental depreciation and how does it differ from an expense?

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