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Investors & landlords
Did you first setup the rental profile and enter the information about the rental building and land as well as date placed into service?
If yes, stay in the rental section, but go down to the Assets/Depreciation.
If you leave the rental section, go back to "Rental Properties and Royalties"
Select UPDATE
Yes, review and continue to the "Rental and Royalty Summary" screen
Select EDIT for the rental on the list
Select UPDATE for Assets/Depreciation
YES go to summary
The rental should be on the list
Select "Add an Asset" to add the improvements
Select "Rental Real Estate Property"
Select "Appliances, carpet, furniture"
Continue through the interview
the asset will be depreciated at 5 years rate
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‎April 4, 2025
3:53 PM