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Bought rental home in another state and unsure what forms to use, what materials are deductable.
I bought my first rental home last year in another state (Louisiana). And doing taxes is confusing at best. I've read here a bit about what is and is not deductible (paint), but want to double check. Everything was done before renting. I figure I CAN deduct the new fence and new flooring, but NOT the new toilets, paint or screens. And I assume I can deduct closing costs and insurance. But what about other costs associated with the purchase, such as inspections and utility deposits? Also, do I just need to complete a Schedule E? What about the f1040se? It was a cash sale, so the purchase was otherwise unremarkable. Would the Turbotax Basic be sufficient? Thanks!
March 26, 2025
1:00 PM