Investors & landlords

KrisD15 · ‎February 24, 2025

Did you enter the new roof as a new asset and entre a date when it was placed into service?

That is entered under:

Rental Property and Royalties
Do you want to review? YES
Continue to "Rental and Royalty Summary" screen
Select EDIT for the property

You can go directly to the Assets/Depreciation section or go through Property Profile and then Assets

If directly, select
"Assets/Depreciation"
"Do you want to go directly to your assets summary?" YES
Select "Add an Asset"
Select "Rental Real Estate Property"
Select "Residential Rental Real Estate"
Describe as Roof on the address of the rental
Enter the cost, no cost for land and the date it was placed into service
Select "Show Details" on the "Asset Summary" screen for that asset to see the breakdown.

If the roof cost was under a certain limit and you elected to use Section 179 deduction in lieu of depreciation, the summary will show zero depreciation since the cost was taken as a deduction.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"