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Common questions about entering rental and royalty property in ProConnect Tax
by Intuit•2• Updated 2 months ago
Get answers to frequently asked questions about entering rental and royalty income in the Individual module of Intuit ProConnect.
Follow these steps to enter rental or royalty income for the Schedule E, page 1:
- Go to the Input Return tab.
- From the left-side menu, select Income and choose Rental and Royalty Income (Sch E).
- Enter a Description of property.
- Under the Rental and Royalty Income (Schedule E) section, enter the Description of the property.
- Enter the address Information in:
- Street address
- City
- State
- ZIP code
- Region / ZIP code / Country (if located in a foreign country)
- The address is only required for rental real estate properties. For royalty properties, you should leave Schedule E, line 2 and the address portion of line 1 blank. Enter code 6 for royalty property.
- Select the appropriate Type of property (Click on arrow to select from list).
- Refer to the IRS Instructions for Schedule E for a definition of Self-Rental and Other.
- If you choose Royalties, the address won't show on the Schedule E, per the IRS instructions.
- If you don't choose a type of property and instead enter Other type of property, the program will generate code 8 on Schedule E, per the form instructions.
- Enter the Number of days rented.
- Scroll down to the General Information section and complete any applicable fields.
- ProConnect Tax considers rentals as passive activities with active conduct of a trade or business. Check the box labeled Did not actively participate to indicate that a rental is non-passive with no active conduct.
- ProConnect Tax considers royalties as non-passive activities. Enter a 2 in, 1= nonpassive activity, 2= passive royalty to change the royalties to passive
- Scroll down to the Other Information section.
- Complete any other applicable information about this activity.
- From the top of the screen, select the Income Statement section.
- Under the Income section, enter the Rents or royalties received.
- Scroll down to the Expenses section and enter any applicable fields.
- Click the + (plus sign) at the top of this screen for additional Schedule E properties.
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