Question

Not for profit rental property expenses

Forum|Forum|2 years ago
April 8, 2024
1 reply
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In turbo tax premier, where do I list the real estate taxes I paid on my two not for profit rental properties. When I go under deduction and credit-your home-property taxes- enter any additional property tax paid in 2013, it states don’t include taxes for rental or business properties here. Where else should I list this?

T

TomK2023

If you don't rent your property to make a profit, you can't deduct rental expenses in excess of the amount of your rental income.

You would report your income as Other Income and deduct your property taxes as part of Schedule A. Keep in mind that even if you itemize, the SALT deduction, which includes property tax, is now capped at $10,000 ($5,000 for couples filing separately).

To report your not-for-profit rental income:

Open your return.
Select the Wages & Income tab.
Scroll down to Less common income click Start.
On the page Let's Work on Any Miscellaneous Income, click on Other reportable income.
On the page Any Other Taxable Income? Select Yes.
On the page, Other Taxable Income enter Not-for-Profit Rental Income for the description and the amount.
Select continue and Select Done if you have no other items.