Thanks, @KrisD15 so much!
Yes, I can "add an asset" but following are the only options. What can I do to add a value? I have the depreciation number from my last year and I did not do any major improvement like a new roof. I just replaced a heater which was $1800.
Assets
Rental propertyThis is the property itself. Since we know this applies to you, we've already selected it.
Improvements, furnishings, and other assets
Examples:
- Fencing, wall-to-wall carpeting, etc.
- Couch, bed, etc.
- Amortizable intangibles (mortgage points)
Expenses
Examples:
- Social security taxes for employees
- Medicare and unemployment taxes for employees
- Personal property tax
Supplies
Examples:
- Toner or ink for printers
- Pencils, pens, staples
- Pesticides, janitorial items, pool chemicals
Vehicle
Costs from driving your vehicle(s) for rental purposes like:
- Mileage, parking fees
- Gas, oil changes
- Insurance
Professional and legal fees
Examples include
- Tax prep and accounting advice
- Engineering and consulting
- Legal fees for rental matters
Commissions
Examples:
- Sales commissions
- Commissions paid to managers
Travel (not auto)
Examples:
- Airfare
- Hotels
- Rental cars, taxis and ride share services
Other interest
Examples:
- Mortgage interest paid on your rental when you didn't get Form 1098
- Mortgage points
- Interest paid on any loans you took out and used for your rental
Miscellaneous expenses
Any other rental expenses.
