TurboTax Business will indeed handle income from rental properties. However, you need to indicate that you actually have rental real estate, which is typically done during the initial interview (under the Business Info tab).

Can I rent a house as a business expense?

You can deduct expenses from your rental income when you work out your taxable rental profit as long as they are wholly and exclusively for the purposes of renting out the property. Find examples of expenses incurred wholly and exclusively for the property rental business.

Which version of TurboTax do I need for rental property?

Turbotax recommends the Premier Edition, which has all the features of Deluxe plus more tools to deal with investments and rental property, to people who have stocks and bonds or rental income.

How do I enter a rental property in TurboTax?

To enter the sale of your rental property in TurboTax follow these steps.

1. With TurboTax open enter sale of rental property in the search box.
2. Select Jump to sale of rental property in the results window just below the search box.
3. Follow the prompts to enter your rental sale information.

Is TurboTax good for landlords?

If you own investment or rental property, TurboTax will help you with deductions, depreciation, and getting your biggest possible refund.

How does TurboTax help with rental property taxes?

If you own investment or rental property, TurboTax will help you with deductions, depreciation, and getting your biggest possible refund. When you rent out a house or condo, taxes can be a headache. After buying a condo and living in it for several years, Sue meets Steve, marries him and moves into his house.

Is there a TurboTax specialist for self employed?

TurboTax Help and Support: Access to a TurboTax specialist is included with TurboTax Deluxe, Premier, Self-Employed, TurboTax Live, and TurboTax Live Full Service; not included with Free Edition (but is available as an upgrade). TurboTax specialists are available to provide general customer help and support using the TurboTax product.

Is there a free TurboTax for simple taxes?

Built into everything we do. TurboTax Free Guarantee: $0 Federal + $0 State + $0 To File offer is available for simple tax returns with TurboTax Free Edition. A simple tax return is Form 1040 only (without any additional schedules) OR Form 1040 + Unemployment Income.

How much can you claim on home business taxes?

If your work space is confined to one room of your eight-room home, then 1/8 (.125 or 12.5%) of the total expenses may be claimed. If, for example, your property taxes are $1,600/year then you are able to claim 1/8th of that, or $1600 x 12.5%, which is $200. That $200 is reduced from your business income.