PatriciaV
Expert Alumni

Deductions & credits

Add each Rental Asset using the same descriptions as last year under Rental Property >> Assets >> Add an asset.

 

Read the descriptions for each option so you choose the correct depreciation category (class). The rental residence is Residential Real Estate. Your five-year assets are most likely equipment or appliances that were added separately. Land is not depreciated. 

 

You'll be asked about prior depreciation, which you have on the Depreciation Report from last year.

 

Once you have entered all the assets, TurboTax will calculated your depreciation deduction for this year.

 

Additional info: How do I handle capital improvements and depreciation for my rental?

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