The process to create two separate rental assets in TurboTax is a little different depending on whether you are using TurboTax CD/download versus TurboTax online. While the processes are different, the resulting entries will be the same.
If you are using TurboTax CD/download, follow these steps to create a rental asset or if you prefer a separate rental property.
- After opening your account, select the Business tab.
- Select Business Income and Expenses.
- Scroll down the screen to Rental Properties and Royalties.
- After entering some basic information, you should see a screen where you can review your rental summary.
- The rental summary screen is where you can select Assets/Depreciation to enter the unit as a separate asset as described in the previous post. It is also at this screen where you can create a Property Profile for the unit and subsequently track the unit as a separate rental property, separate and apart from the other units which have been previously rented and have their own separate depreciation schedule.
- Whichever option you choose, enter your information when prompted.
If you are using TurboTax online, then follow these steps.
- After signing-in, select Wages & Income, left margin.
- Scroll down the screen to Rentals, Royalties, and Farm and select Rental Properties and Royalties (Sch E).
- If you have been using TurboTax, then on the rental summary screen you should see your existing rental property. It is here that you can enter your rental unit as a separate rental property if you choose. If not, then select Edit next to your existing rental property.
- On your rental property info screen, scroll down and select Add expense or asset.
- Then add the information about your unit as a separate rental asset.
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