Enter unrelated business income and expenses for clients' rental activity
- SelectFile,Open, then select the client.
- Select theRent & Royaltyfolder, then theRentscreen.
- Verify thatUnitshows an activity unit number.
- Enter a property description of the rental activity inDescription.
- In the General Information section, enter a code to describe the rental activity inType of activity.
- In the Form 990-T Information section, enter the following information:
- InUnrelated business activity code, enter the code from theActivTscreen that describes the activity.noteThe 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 theActivTscreen.
- InForm 990-T code, enter a code if you need information to print in 1 of the schedules on Form 990-T.noteIf you don't enter a code, the application reports the information on Form 990-T, Page 1, or on Schedule M.
- Enter information for the schedules on Form 990-T.noteThese sections only apply if you've entered an unrelated business activity code.
- Select theRent-2tab.
- In the Revenue and Expenses section, enter gross rents and rental expenses.
