Like the title says, from the filing process and tax questions to tax policy and reform, you can search and share All Things Tax here. This is the place to find answers to all your general questions that don't fall under the other categories. And just a reminder: questions about software or online filing should be posted in DIY Products.
01-13-2018 04:54 PM
I entered my Rental Property Expenses under the Income- Rental and Royalties. Then I came up to the Adjustments/Miscellaneous/Personal Property Rental Expenses. It says the following should be entered in the box:
If you reported income from the rental of personal property engaged in for profit, include the total of your deductible expenses related to that income here.
01-13-2018 05:03 PM
Let me run a scenario in the software really quick so that I can see what you're seeing. I do not believe you should have to enter the expenses twice, but I want to be sure before I give you instructions on this. I'll have an answer for you in about 30 minutes.
Senior Tax Advisor (Tampa, FL)
01-13-2018 05:22 PM - edited 01-13-2018 05:22 PM
The income & expenses for a real estate rental property should be reported on Schedule E. This is where you entered your income & expenses in the rental & royalty income section.
Do not enter your expenses a second time in the adjustments & deductions section.
There will be another update to the software on January 17th. In the online version the Schedule E is not available yet, so I assumed you are using desktop.
01-14-2018 11:46 PM
Yes, Louis, I must be using the desktop. I purchased and downloaded my software from H&R block. I download the updates when they become available.
01-15-2018 03:16 PM
All REAL ESTATE Rental Expenses are entered on Schedule E. If you happen to rent out PERSONAL PROPERTY, the expenses are entered under Adjustments. Examples of Personal Properties are vehicles, tools, furniture, electronics, etc. As preparer, I've never come across anyone renting out Personal Property. People who do that for a living would usually open a rental store, in which case it would be a Schedule C business.
Hope this helps to clear up the situation.