Camper Rental--purchased to rent out but made no income the first year. How do I get to sched C in TT? It keeps taking me to a 25 yr depreciation instead of 5.

[siebertclan]

I've researched the community resource pages/blogs and I've come to understand that my situation is that I have a rental and it's under "passive".  I also understand that I need to complete the sched C-- but how do I get there in TT?? All suggestions I've seen, I have tried. Under 'Business Income & Expenses' I chose Rental Properties and Royalties-- I also saw that I'm supposed to be able to add my RV if I choose Tools/Machinery but TT never takes me to a special asset page to be able to add the camper there for the 5 year depreciation that I keep reading about. When I go to enter my expenses it tells me that my expenses cannot be greater than my income. Well I just bought my camper in '22 and I had it rented out on Outdoorsy but that first rental date isn't until April '23. Plenty of people buy/open businesses during a tax year and make no income but they have expenses in the year they purchased that business. Why is TT making this so difficult for me to input this info?  No matter what I do in TT, it never lets me put in the camper as the asset with the 5 year depreciation like I've seen other TT users say TT let them do. I've tried what others have posted, but they are older posts.... tried finding the 'tools/machinery' so I could input the camper and get the 5 yr depreciation. I've only been able to find the 25 yr depreciation real estate rental part in TT, which I know is incorrect. I have an online Windows download, not the CD version--not sure if the online version is less user friendly? Maybe TT is just having some technical difficulties with a newer version than what all the other TT users have been able to input camper rental in? I mean, people start businesses and buy rentals all the time that make no money the first year. I wouldn't think it'd not let me have ANY deductions just because I made no income the first year. I did have a reservation booked for it last year for 2023. I need step by step on how to get this input into TT Premier sched C. I've wasted so much time with this already.

[KrisD15]

You can enter the Camper as an asset of the business and depreciate it over 5 years. 

Keep track of the amount of Deprecation, Bonus Depreciation, and/or Section 179 Deduction you take as it will be a factor when you sell or covert the camper to personal use. 

Form 4562 will be included with your tax return and show the depreciation taken year after year. 

After you have entered the information about the business, go to Business,,, Business Income nd Expenses

Click Update for Business Income and Expenses

Click EDIT by the business listed 

Scroll down to Business Assets and START or UPDATE

Go through the interview and choose "Intangibles, Other property" on the "Describe This Asset" screen

Continue

Choose "Other asset type"

Continue

Type "Camper" 

Cost

Date Purchased

Continue

Enter the purchase date as also the date you first started using it for business if it was AVAILABLE for rent that day

Continue 

Choose the Asset Class (5 year) from the drop-down 

Choose the Depreciation Method (most likely 200% Declining Balance/MACRS) 

Continue and Done 

Depreciation Pub 946 

[siebertclan]

What's the best way to handle this?  >>  "Business Owned by Married . Normally 2 people who own a busn need to file a partnership return. Since you're married you won't need to do that if you split your busn income & expenses between you and report them as separate businesses."  It then tells me to create a sched C in the hubby's name (enter all income and expenses for the hubby) and then to create a new sched C in my name (enter all income and expenses for me), making sure that the busn description is different than the other sched C.  Is this how you'd all handle this?

This is the first time I've seen this, after all the research I'd done on this.

**Also--  I have TT Premier.  Will it work properly for this type of tax return filing??**

[RobertB4444]

You do not need to create a second schedule C.  Just make whoever is listed first on your tax return the owner of the business.  You are married filing jointly and the business itself is owned by both of you.  But on the tax return it needs to have one primary owner.  (If one of you is the primary on RV Share then use that person).

@siebertclan