If 2022 is the first year that you have rented the property, then there should have been some questions along the way asking about the purchase date, purchase price, date placed in service, etc. If you did not see those questions, then you will add the rental property itself as an Asset for depreciation.
While in the Rental Income and Expenses section, look for the Assets/Depreciation section and then Add an Asset.
Use the following steps to go directly to the Rental Income and Expenses area of the return to get started:
- On the top row of the TurboTax screen, click on Search
- This opens a box where you can type in “rental income and expenses” (be sure to enter exactly as shown here)
- The search results will give you an option to “Jump to rental income and expenses”
- Click on the blue “Jump to rental income and expenses” link and enter your information
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