Investors & landlords

This will be a simple asset selection for you to arrive at the correct depreciation method and expense.  Although this appears to be eight year property, it's actually seven year property.  It just takes eight years to utilize the full amount of depreciation.

When you are signed into your tax return follow the steps below. 

• Search (upper right) > Type rentals > Click the Jump to... link
• Edit next to your rental property
• Click on Assets > Add an asset
• Select 'Tools, Machinery, Equipment, Furniture' for the type of asset (7 year property)
• Select 'General purpose tools, machinery and equipment'
• Describe your asset, enter the cost and date acquired > Continue > Select 'I purchased this asset'
• Yes, always used 100% business > Continue past Section 179 > Select 'I used the half year convention
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