Investors & landlords

If you have income and expenses from a rental property you will need the following TurboTax product:

• TurboTax Online - Premier or higher; OR
• TurboTax Desktop (CD/Download) - any version

To report the depreciation for your second rental house, 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).  
3. On the Income from Rentals or Royalty Property You Own  screen, click Yes.
4. If you have already started adding information about your first rental, you will come to the Rental and Royalty Summary screen.  Click on Add Another Rental or Royalty.  
5. Continue through the screens, entering the requested information.
6. You will come to the screen, Review Your [property address] Rental Summary. 
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.
8. When you have finished entering the income, you will be brought back to the Review Your [property address] Rental Summary so you can enter other categories such as expenses, vehicle expenses, depreciation, etc.

[Edited | 3/19/2020 |  9:24 am PDT]