Investors & landlords

In TurboTax Online, establish the rental activity by following these steps: 

• Down the left side of the screen, click on Federal.
• Down the left side of the screen, click on Wages & income.
• Scroll down to Rentals, Royalties, and Farm.  Click down arrow to the right.
• Select Start / Revisit to the right of Rental Properties and Royalties.
• At the screen Here's rental property info, select Add income to report rental income.
• At the screen Here's rental property info, select Add expense or asset to report rental expense.
• 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.

Rental property income is reported on Schedule E Supplemental Income and Loss.  See also this TurboTax Help.

IRS Publication 527, page 10 lists settlement fees and other costs that may be included in the basis of the property.

Page 11 lists costs that may not be included in the basis of the property.

HOA fees may be deducted as a miscellaneous expense within the rental activity.

What about the expenses incurred to get the property ready for rental?

The IRS addresses these expenses in IRS Publication 527, page 5 states:

Pre-rental expenses

You can deduct your ordinary and necessary expenses for managing, conserving, or maintaining rental property from the time you make it available for rent.