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Adding capital expenditures for rental property

In TT, I have $15k in capex for foundation work. How do I add that to the rental property? As a separate asset or as a change to the original basis? If it a separate asset, is that supposed to depreciate over 27.5 years or to fully depreciate at the same time as the house? 

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1 Reply
marctu
Employee Tax Expert

Adding capital expenditures for rental property

It would be entered as a separate asset, and would also have a 27.5 year depreciation period as well.  

The steps would be as follows:

  • Down the left side of the screen, click on Federal.
  • Down the left side of the screen, click on Wages & income.
  • Scroll down to Rentals, Royalties, and Farm.  Select Show more.
  • Select Start / Revisit to the right of Rental Properties and Royalties.
  • At the screen Your 2022 rentals and royalties summary, you are able to view any rental or royalty activity that has been created.
  • Click Edit to the right of the rental activity.
  • At the screen Here's rental property info, scroll down to Assets.  Click Edit to the right.
  • At the screen Your Property Assets, click Add an Asset.
  • At the screen Describe This Asset, select the asset option.  Click Continue.
  • At the screen Tell Us a Little More About Your Rental Asset, select a category.  Click Continue.
  • At the screen Tell Us About This Rental Asset, enter the asset information.  Click Continue.
  • At the screen Tell Us More About This Rental Asset, select i purchased this asset.
  • Enter the date that you started using the asset for business.  Click Continue.
  • At the screen Asset Summary, click Show Details to see the depreciation details.

Thank you for the opportunity to answer your questions @Jim_dzg5zg 

 

All the best,

 

Marc T.

TurboTax Live Tax Expert

 

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