TurboTax Premier Tax Software - The Right Choice For Investments!

TurboTax Premier 2020 Support
Investment Rental Property Checklist

For 2020, TurboTax Premier is the popular choice specifically designed for investment minded taxpayers looking for superior guidance to report investment income, expenses, and depreciation.

TurboTax Premier tracks what needs to be reported, and how to do this in the most economical way for tax savings.

Rental properties can be a great investment for future retirement. However, income and expenses can be challenging to keep track of and properly report.

Fortunately, with the TurboTax Premier tax software edition, this task can be a simple fully guided experience that insures your schedule E and corresponding documents are all prepared properly.

TurboTax Premier & Investments

Deductible rental property expenses are a big part of keeping your income tax liability in check, and insuring that you are not paying more in taxes than you are required to.

This Schedule E Rental Property Tax Preparation Checklist can help rental property investors get their paperwork organized and help discover what documentation is needed to prepare their income tax return and applicable forms.

Schedule E (Form 1040), Supplemental Income and Loss Income Tax Support Forms

The Schedule E tax form is used to report income and expenses from rental real estate, residual interests in REMIC's, royalties, partnerships, S corporations, estates, and trusts.

Rental properties require accurate record keeping and management skills for complete compliance with current 2020 tax laws. Taking advantage of investment property tax breaks could help you lower your overall tax liability significantly.

TurboTax Schedule E Rental Property Documentation and Tax Preparation Checklist

Each investment property will require specific income and expense documentation, along with a depreciation schedule. Keeping a separate worksheet for each rental property insures accuracy.

Investment Rental Property Income

Investment Rental Property Expenses

Utilities and related expenses paid by landlord

Annual Expenses

Tax Deductions and Adjustments

Property Descriptions

TurboTax Premier walks you through rental property reporting by asking simple question to collect important data.

Nonresident state property is reported as out-of-state rental property, using a nonresident state tax return.

Rental income is reported in the year you received it.