The rental property may be depreciated under the rental property activity and reported on IRS Schedule E Supplemental Income and Loss.
In TurboTax Premier Online, follow these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Click to the right of Rentals, Royalties, and Farm.
- Click to the right of Rental Properties and Royalties.
- At the screen Your 2024 rentals and royalties summary, click the pencil icon to the right.
- Select Add expense or asset to establish the rental property asset.
- Answer the questions to establish the rental property asset and compute depreciation on the rental property asset.
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