Entering unrelated business income and expense for UltraTax/990 clients: Rental activity

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Follow this procedure to enter unrelated business income and expense for a rental activity.

  1. Open the desired client (File > Open).
  2. Click the Rent & Royalty folder in the folders block, and then click the Rent tab.
  3. In the Unit field, verify an activity unit number is present.
  4. In the Description field, enter a property description of the rental activity.
  5. In the General Information section, enter the following information.
    1. In the Type of activity field, enter the code that best describes the rental activity or select the code from the fieldview.
    2. In the Unrelated business code field, enter the code that best describes the activity or select the code from the fieldview.

    The information does not appear on the 990-T return if an unrelated business code is not entered.

  6. In the Form 990-T Information section, enter the following information.
    1. In the Form 990-T code field, enter a code if information is to print in one of the schedules on Form 990-T. If a code is not entered, the information is reported on Form 990-T, Page 1.
    2. Enter information as necessary for the schedules on Form 990-T. This section is applicable only if an unrelated business code is entered in the General Information section.
  7. Click the Rent-2 tab.
  8. In the Revenue and Expenses section, enter gross rents and rental expenses.

Related topic: Entering unrelated business income and expense for UltraTax/990 clients

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