I am filing my w4p for the first time. I receive rental income. Do I record the gross income recd for the year or the rental minus expenses reported on schedule e (the figure transferred to line 8 on my 1040)
If I report the gross rental received am I then being double taxed?
You will enter the rental income minus expenses as that is the income that will be included in your taxable income. If you expect to have more income in 2025, you can increase the amount to match what you expect to profit from your rental.
Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
