In TurboTax Online, report depreciable assets under the rental activity. TurboTax software will determine the depreciation for each asset. Follow these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Scroll down to Rentals, Royalties, and Farm. Select Show more.
- Select Start / Revisit to the right of Rental Properties and Royalties.
- At the screen Your 2022 rentals and royalties summary, you are able to view any rental or royalty activity that has been created.
- Click Edit to the right of the rental activity.
- At the screen Here's rental property info, scroll down to Assets. Click Edit to the right.
- At the screen Your Property Assets, click Add an Asset.
- At the screen Describe This Asset, select the asset option. Click Continue.
- At the screen Tell Us a Little More About Your Rental Asset, select a category. Click Continue.
- At the screen Tell Us About This Rental Asset, enter the asset information. Click Continue.
- At the screen Tell Us More About This Rental Asset, select i purchased this asset.
- Enter the date that you started using the asset for business. Click Continue.
- At the screen Asset Summary, click Show Details to see the depreciation details.
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