ehowardst
New Member

Can i deduct carpeting appliances painting for my rental apt.

 
IreneS
Intuit Alumni

Investors & landlords

Yes.  However, there is a difference in how they are entered in TurboTax.

The carpeting and appliances are considered capital expenses that have to be depreciated.  You enter them in TurboTax as assets.

Paint jobs generally are a current expense, irrespective of how much one costs, unless they are part of a remodeling, or are incurred before the property is put in service. [In those instances, painting must be capitalized.]


To enter the assets in TurboTax Premier, please follow these steps:

  1. Click on Federal  > Wages & Income 
  2. In the Rentals, Royalties and Farm Royalties section click on the Start/Update box next to Rental Properties and Royalties (Sch E).  [See Screenshot #1, below.]
  3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
  4. If you have already started adding information about your rental, you will come to the Rental and Royalty Summary screen.  Click Edit next to the property entered or click Add Another Rental or Royalty.  [Screenshot #2]
  5. If you haven't yet entered property information, continue through the screens, entering the requested information.
  6. You will come to the screen, Review Your [property address] Rental Summary.  [Screenshot #3]
  7. Click on Start/Update in the Assets/Depreciation section.  Continue through the screens to enter the information on the property and TurboTax will calculate the depreciation for you.


To enter the painting expense, please follow steps 1-6 above, then:
  1. Click on Start/Update in the Expenses section.  [Screenshot #4]
  2. On the next screen click I'll choose what I work on.  
  3. On the screen, Enter Common Expenses, enter the painting cost.  [Screenshot #5]




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