It depends -
If the house was available for rent but was not actually rented during the year, you can report your mortgage interest, property taxes and related expenses under the rental section. You would report the cost of any renovations to the house that are considered capital improvements (and the house itself) under the rental assets section. You would be able to claim a depreciation expense for both the capital improvements and the house. (If the improvements were made before the house was available for rent, then include the capital improvement costs as part of the basis in the house when entering the house as a rental asset.)
A "capital
improvement" to your home, meaning the improvement must increase your
home's value, adapt it to new uses, or extend its life. Examples of capital
improvements are: adding a third bedroom, adding a garage, installing
insulation, landscaping and more.
To
enter rental information in TurboTax, log into your tax return (for TurboTax
Online sign-in, click Here and click
on "Take me to my return") type "rental
income and expenses" in the search bar then select "jump to rental income and expenses".
TurboTax will guide you in entering this information.
If this house was not available for rent but just used personally, you can report the mortgage interest and property taxes under the home section.
In this case, you will not be able to expense any of the improvements. Any capital improvements to the property would increase the basis in your house (and lower any capital gain on a future sale of the property).
To enter home deductions information in TurboTax, log into your tax return (for TurboTax Online sign-in, click Here and click on "Take me to my return") type "Schedule A" in the search bar then select "jump to Schedule A". TurboTax will guide you in entering this information.
