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April 9, 2025
Question

two rental incomes for same address

  • April 9, 2025
  • 1 reply
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Two companies are renting portions of our land but the land has only one address.  How do we report them as separate rentals?

    1 reply

    April 9, 2025

    You should report the rental income as separate rentals, even if they are for the same address.

    Here are the steps to do this in TurboTax:

    Add Each Rental Property:

    1. Open or continue your return.
    2. Navigate to the rentals section:
      • TurboTax Online/Mobile: Go to rentals.
      • TurboTax Desktop: Search for rentals and select the Jump to link.
    3. Answer Yes to the question Did you have any income from rentals or royalties?
    4. On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
    5. On the screen What are you here to report?, select Rental property 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.

    Enter Income and Expenses Separately:

    • For each rental portion, enter the income and expenses separately as if they were distinct properties. This ensures accurate tracking and reporting

     

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