Question

Rental property question

Forum|Forum|2 years ago
March 19, 2024
1 reply
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Hi,

I am trying to enter the information about rental property income. I see different options like filing 1099-MISC or 1099-K. what should I use. I just getting the rent directly.

Best...

Tarek

A

AnnetteB6

If your rental income is not reported to you on any official tax form, you can enter it as 'Other income'. Choosing this option will give you a single input box to enter the total income you received. You calculate the total amount based on your own records.

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T

tgad1000Author

Thank you!

How about entering the expenses associated with this rent? by the way, I have turbo tax home and business.

Best...

Tarek

J

JamesG1

As I am going through the interview I found the following:

Divident income

Business income and losses

Capital gain and loss

Rent, loyolty, K-1 income

unemployment compensation

I believe that all items have nothing to do with Illinois, except the Rent, loyolty, K-1 income. Correct me if I am wrong. I was not a resident of Illinois at any time during the 2023 year. Now, should I put the net income in the Rent, loyolty, K-1 income category. the net is income minus the expenses, or ?

Let me know, I appreciate your patience with me.

Best...

If you a Illinois sourced K-1 income, in the Illinois state income tax return, you will address that income at the screen Illinois Partnership/S Corp K-1s.

At that screen, the question is Did you receive any Illinois K-1's. You would answer Yes.

At the screen, Illinois part-year and nonresidents, you are allowed to allocate your Federal income to Illinois. At this screen you would allocate rental and royalty income.

Rental income reported would be rental income less rental expenses equals rental income/loss.