If 2024 was the first year of the rental, set-up the rental first.
Go to
Rental Properties and Royalties
Rental Properties and Royalties (Sch E)
Select "Rental profile"
Select that the property was new as a rental if 2024 was the first year in service
Use your cost (what you paid for the property) or the Fair Market Value when placed into service, whichever is less.
This will be the basis that the depreciation will be based on. The program will calculate the depreciation for you.
Please print the depreciation schedule each tax year for your records, you will need that when you sell.
Stay in that same section, scroll down and enter income and expenses.
You can enter the property taxes paid as an expense.
Are there other issues concerning the rental?
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