For a Rental Property, you would report one asset for the residence itself then as many more as you need to report each improvement made over the life of the property. As you add these assets, TurboTax will calculate an estimate of the total depreciation you should have taken since the asset was first placed in service. If your records show a different amount, you'll be able to enter that number instead.
Note that an S-Corp tax return must be prepared using TurboTax Business.
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