Depreciation is automatically calculated by TurboTax when you enter an asset.
To enter a rental asset:
- Sign into your TurboTax account.
- Select Pick up where you left off or Continue your return.
- Select Federal from the left side menu.
- Type rentals in the search bar and click on Jump to rentals.
- On the Your 2022 rentals and royalties summary screen, Edit the property.
- On the What expenses and assets did you have for XXX? screen, put a check mark in front of Improvements, furnishings, and other assets.
- On the Here's XXX rental property info screen, scroll down to Expenses/Assets (Depreciation), Improvements, furnishings, and other assets and Start/Edit.
- On the Your improvements, furnishings, and other assets screen, select Add asset and Continue.
- Continue until you get tot he Describe This Asset screen. Select the option that best describes this asset and Continue.
- On the Tell Us About This Rental Asset screen, you'll be able to enter the basis and date purchased or acquired.
- Continue with the onscreen interview until complete.
Related Information:
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
