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How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017
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June 6, 2019
8:10 AM
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Investors & landlords
If the inspection cost is incurred to get the property ready for rental, it is not deductible as a rental expense.
If the inspection is incurred while the property was already on the rental market, it is deductible as a rental expense (under Professional Fees).
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June 6, 2019
8:10 AM
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It was the inspection for purchasing the property. Can I enter as the depreciation?
June 6, 2019
8:10 AM
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Investors & landlords
You add this cost to the cost basis of your property to be depreciated.
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June 6, 2019
8:10 AM
9,638 Views
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Investors & landlords
where does this cost and others get entered in TurboTax Home & Business, along with rental home search expenses
June 6, 2019
8:10 AM
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Investors & landlords
I think it goes to "Any other adjustments?", "Enter any other increases and decreases to you property's value"
January 9, 2022
8:14 PM
4,390 Views