Where in Schedule E is cost basis entered so depreciation can be determined?

[alandes]

How do I enter cost basis?

[HelenC12 · Accepted solution]

Enter your cost basis for depreciation of an asset in the rental section of TurboTax.

1. Type rentals in the search bar and click on Jump to rentals.
2. On the Your 2021 rentals and royalties summary screen, Edit the property.
3. On the Here's XXX rental property info screen, scroll down to Expenses/Assets (Depreciation), Improvements, furnishings, and other assets, Edit.
4. On the Your improvements, furnishings, and other assets screen, select Add asset and Continue.
5. Continue until you get tot he Describe This Asset screen. Select the option that best describes this asset and Continue.
6. On the Tell Us About This Rental Asset screen, you'll be able to enter the basis and date purchase or acquired.
7. Continue with the onscreen interview until complete.

Related Information:

• What kinds of rental property expenses can I deduct?
• What is rental depreciation and how does it differ from an expense?
• How do I handle capital improvements and depreciation for my rental?
• Can I claim a security deposit?

[alandes]

Thanks!