Greetings,
I read the quoted sentences in a different post- "for qualifying assets that cost less than $5000 you have the choice to either capitalize and depreciate, or to just deduct the full cost as an expense in the year of purchase. Appliances that cost less than $5000 qualify to be expensed". and "When working through the rental expenses section, the very, very, very *VERY* last screen of that section is for miscellaneous expenses not covered in other expense categories. Just enter your appliances there and the cost, click Continue and press on."
https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/re-i-purchased-a-new-...
I am using Turbo Tax Business (Desktop version) because the rental property is in a LLC.
I would like to claim the appliance as an expense.
My question is..
- Because there is no miscellaneous expense entry in this product, can I enter this in the general expense section where I am allowed to manually type the expense title?
- I also purchased a 5 year warranty plan for the appliance, where do I enter this expense?
- There was installation charges for the both the appliance where should I enter this expense?
TIA.
