DMarkM1
Expert Alumni

Investors & landlords

Assuming you are a single-member LLC and filing on Schedule E, all those items are indicated on Schedule  E and in the Rental topic in TurboTax as an expense/asset.  

 

List each of the appliances/furnishings separately as an asset with the cost for each that you paid.  You will be asked the date you acquired each and you will be asked the date you put them into service. The date you put them in service can be no earlier than the date the property was offered/available for rent.  On the other hand the date acquired could be before the date available for rent.  

 

Once you put them into service and assuming you did not use the property for something else after that date in 2023, be sure you indicate that the business use was 100%.

 

The other asset you will need to list is the property itself/with improvements. Your tax/purchase paperwork should have a breakdown of the cost for building and the land.  You will be asked to separate out the two costs; the land cost is not depreciable.  

 

Any improvements to the property like an add-on room/new roof, prior to putting it into service (available for rent), you add to the cost of the property.  Again you will be asked the date you acquired and the date in service (available for rent).  If, for example, you gutted the property and remodeled, then the whole project is a cost that is added to the cost of the building and acquired prior to the in service date.

 

Any improvements made after the date in service are listed as a separate asset.

 

Also, once you put them into service and assuming you didn't use the property for anything else after that in 2023, be sure you indicate that the business use was 100%.

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