Rental properties

[ljeancpa]

Husband and wife purchased a house purely as a rental property. It is rented and the asset has been set up; they are not real estate professionals, and they take care of everything themselves. I'm a little confused on the general and other information sections. They aren't marked required, but this is the first one I've set up on Proconnect.

Any guidance would be greatly appreciated.

Thanks

[Gwen4]

Hey, hopefully I can help.  In the General Information:  I mark joint, and then if they filed any 1099s for any contract work they had done to the property mark 1, if not mark 3.  The only reason I would mark "did not actively participate" is if they used a property management company.  Otherwise that's all I would fill out on general information for a rental property.

In the Other Information section, I would list the number of hours of significant participation hours between 100-500.  The other info isn't going to apply to most people.

Hope this helps.

[Kathi_at_Intuit]

Hi @ljeancpa to add to what @Gwen4 has shared, we also have this support article that may assist:

Common questions about entering rental and royalty property in ProConnect Tax

Also, on an input screen, if you see a question mark icon, you can click it to get more information about that field. 

 

[sjrcpa]

@Gwen4 If they are not RE professionals, why would you need to enter anything for hours of significant participation?