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Enter unrelated business income and expenses for clients' rental activity

  1. Select
    File
    ,
    Open
    , then select the client.
  2. Select the
    Rent & Royalty
     folder, then the
    Rent
     screen.
  3. Verify that
    Unit
     shows an activity unit number.
  4. Enter a property description of the rental activity in
    Description
    .
  5. In the General Information section, enter a code to describe the rental activity in
    Type of activity
    .
  6. In the Form 990-T Information section, enter the following information:
    1. In
      Unrelated business activity code
      , enter the code from the
      ActivT
       screen that describes the activity.
      note
      The information won’t appear on the 990-T return if an unrelated business activity code is invalid. You'll get an alert if missing information exists on the
      ActivT
       screen.
    2. In
      Form 990-T code
      , enter a code if you need information to print in 1 of the schedules on Form 990-T.
      note
      If you don't enter a code, the application reports the information on Form 990-T, Page 1, or on Schedule M.
    3. Enter information for the schedules on Form 990-T.
      note
      These sections only apply if you've entered an unrelated business activity code.
  7. Select the
    Rent-2
     tab.
  8. In the Revenue and Expenses section, enter gross rents and rental expenses.

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