To
enter rental information in TurboTax, log into your tax return (for TurboTax
Online sign-in, click Here and click
on "Take me to my return") type "rental
income and expenses" in the search bar then select "jump to rental income and expenses".
TurboTax will guide you in entering this information.
Alternatively, to
enter this transaction in TurboTax Online (for TurboTax Online sign-in,
click Here) or Desktop, please
follow these steps:
- Once you are in your tax
return, click on the “Federal Taxes” tab ("Business" tab in
TurboTax Home & Business)
- Next click on “Wages &
Income” ("Business Income and Expense" in TurboTax
Home & Business)
- Next click on “I’ll choose
what I work on”
- Scroll down the screen until
to come to the section “Rental Properties and Royalties”
- Choose “Rental Properties and
Royalties” and select “start’ (or “update” is you have already worked on
this section)
Enter your rental property information through the
TurboTax guided questions until you come to a screen that is titled, Your
"rental property name" rental summary. You will enter your rental
property house here under "assets/depreciation"
- Under the asset/depreciation
section - select start or add an asset
- Select "yes" to
"Do you have assets for this property that can be depreciated?
- About 3 screens in, you will
enter the roof as an asset here. This is where your enter all your
rental assets (including capital improvements)
- For any capital improvements (such as a roof), you will select
"rental real estate property"
- Then for the rental house,
select "Residential Rental Real Estate"
- On the next screen, you will
enter information about your Rental property asset including:
- Property description - New Roof
- Cost - The total cost of the roof including materials, installation and sales taxes
- Cost of Land - Leave this blank
- Date purchased or acquired
- Date the roof installation was finished
- On the next screen select "none of the above" and Yes -100% business use.
- Then you will get an asset
summary page showing current year's deprecation. If you select show
detail you can review your entry details
- You can add additional
rental assets on the next screen by selecting "add an asset"
