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Updated over 6 years ago on . Most recent reply

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Salil Surendran
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Rental expenses in Turbo Tax

Salil Surendran
Posted

Hello,

I am trying to enter my rental income in Turbo Tax. I rent out my upper bed room for 3 months of last year. I earned $3000 as rental income in the year 2017 and calculated $200 of utility expenses. I entered into TurboTax that I rented out part of my house and it walked me through with some questions. Asked me how many days of the year did I rent out the upper bedroom. I entered 91 days and I used it for 274 I entered the utility expenses and then I entered my mortgage interest again. When I entered $8100 as my mortgage interest from my 1098 form, it gave me a huge deduction of around $2000 as expenses and my net rental income fell to $800. I have already entered my mortgage interest in my itemized deductions. Is this ok? Also in another form it asks for 'Other common expenses'. Here is listed 'Utilities', 'Advertisting' etc. Another field on this same page is 'Real Estate Taxes'. Should I enter my yearly property tax of $7000 here. I wonder if that is correct since if I enter this value then my net income will go negative?

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