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How do I enter my rental income and expenses in TurboTax Online?

by TurboTax• Updated 6 days ago

Rental income is income you earn from renting a property that you own or have use of. You can own the property by yourself or with someone else. Rental income includes income from renting:

  • Houses
  • Apartments
  • Rooms
  • Space in an office building
  • Other real or movable property

For more information, visit Claiming Rental Income.

Note: Enter only deductible expenses that you weren't reimbursed for and haven't deducted elsewhere. If you rent out a part of the building that you live in, you can claim only the portion of your expenses that relates to the rented part of the building.

  1. Select Find from the TurboTax menu and enter T5013.
  2. Select T5013 Partnership Income from the list and then select Go.
  3. At T5013 - Summary select Enter new T5013.
  4. Enter the information from the T5013 into the TurboTax T5013 form, including at a minimum:
    • Box 001 and Box RZ, the Filer's account number
    • Box 005, your partnership share %
    • Box 110, Rental Income
  5. Select Done with T5013.

You need to prepare a separate rental statement for each rental property you have. Canadian and/or foreign rental income and expenses are reported in the same section of TurboTax Online.

  1. Select Find from the TurboTax menu and enter rental.
  2. Select Rental properties (or Rental property, depending on your TurboTax edition) from the list and then select Go.
  3. At Rental Property, did you receive income from a rental property? select Yes.
  4. At Rental Summary, select Enter New Rental Income.
  5. At Rental Profile, select the applicable boxes, then select Continue.
    • If your interest in the rental property is either co-ownership or partnership without a T5013 slip, check the box for Details of Other Owners*.
  6. Complete the Real Estate Rentals Statement, then select Continue.
  7. If you ticked the Details of Other Owners box in step 5, at T776 Partner Details Statement, provide the details for the other(s), then select Continue.
  8. At T776 Rental Income, enter property particulars and gross income, then select Continue.
  9. At T776 Rental Expenses, enter the expense amounts, selecting Continue after completing each screen.
  10. If at step 5 additional boxes were checked, you will be guided through entering the required information for each category. You will eventually arrive at the Rental Summary.
  11. At Rental Summary, review the information and:
    • If there is another rental property, select Enter New Rental Income and refer to the instruction at step 5.
    • If the summary is complete and correct, select Done with Rental Income.

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