Trying to set up a LLC for the first time. When I get to depreciation in Turbo Tax. There isn't an option to depreciate residential, only non-residential. How do I set this up
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@tokazawe Can you clarify where you are entering?
Was entering under Business Income and Expenses. I assumed I would use this since it's an LLC
I have another rental that is not LLC, therefore I enter under the next section Rental properties and royalties
@tokazawe Yes, as you know it is easy to find in the rental property section. In the Schedule C/Self-Employment, it is tucked in when you Add an Asset. If you need help to get there, please let us know.
@tokazawe wrote:Was entering under Business Income and Expenses. I assumed I would use this since it's an LLC
That is not correct. An LLC doesn't change anything.
Unless you provide "services" to the tenants (such as maid service or meals), you report the rental in the rental section (not under business).
If that's the case. Can you take all the usual deductions in the same way? I.E. Home Office
Yes, click that button.
However the next tab does not give me the opportunity to click as a residential property. Only as a non-residential property
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