TurboTax Premier Does Not Allow Me To Enter A Negative Rental Income - What to do?

Forum|Forum|3 years ago
April 10, 2023
1 reply
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My tenant moved out on 1/15/2022.

I paid half month rent and I returned his full month deposit. So my "raw" rental income is negative 1500.

But the turbotax "Enter Any Rental Income" page does not allow me to enter a negative amount.

What to do?

Best answer by AnnetteB6

Yes. The input screen for other rental income specifies 'security deposits that you kept'. You would only include that in your income if you kept it due to damages caused by a tenant.

Since you returned your tenant's security deposit, it should never have been included in your income. If you did include it as income in a past year, you should amend that return to remove the security deposit from your income.

@Christing123

KrisD15

A "Security Deposit" is never income to begin with, so you can't deduct what you gave back. You only claim it as income if you keep it with no intent to return it to the tenant.

If the tenant paid you 1/2 month rent, that would be your income.

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Christing123Author

You sure about that?

On the same TurboTax page, it says including all security deposit as my rental income.

AnnetteB6Answer

Yes. The input screen for other rental income specifies 'security deposits that you kept'. You would only include that in your income if you kept it due to damages caused by a tenant.

@Christing123

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