I followed these steps but could not find a place to enter the depreciable expense of new siding---just basically cost of the property and cost of the land: Thanks
| | | Re: Where/how do I depreciate new siding on a rental property in Premium TurboTax. Thanks | | | You will depreciate the new siding as an asset on Form 4562 on your tax return. Here's how to do this in TurboTax Online: Navigate to Federal > Wages & Income > Rental Properties and Royalties (Sch E) Edit the rental using the pencil icon Navigate to Assets, choose Improvements, furnishings, and other assets, choose pencil icon to edit and skip to #6; or, if Improvements, furnishings, and other assets is not an option, select Add expense or asset Choose Improvements, furnishings, and other assets and continue Improvements, furnishings, and other assets will appear in your list of assets, choose to start Continue through the interview and answer yes to Did you make any improvements in 2024? Continue until you see Your Property Assets and "Add an Asset" You can describe the asset as Rental Real Estate Property. Categorize it as Residential Rental Real Estate, and answer the remaining questions. | | | | | |
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