Use the following steps to enter information about your rental property so that it will be depreciated in your tax return. These steps assume that you have already entered some information into your return with regard to your rental income and expenses.
- Starting from the Rental Properties and Royalties or the Business Income and Expenses (Schedule C) selection under income, choose Update or Review to get to the details about your rental or business
- Proceed to the summary page, then Edit your rental property or business name
- Proceed through the questions until you reach the area where you can click Start or Update for the Assets/Depreciation section
- Proceed to the point where you adding an asset on the page titled Describe This Asset
- If you are entering the rental property itself, enter a description or the property address, then choose the first option on the list, Rental Real Estate Property, then click Continue
- On the next page titled, Tell Us a Little More, select Residential Rental Real Estate, then click Continue
- Proceed through the remaining screens entering the details about your property so that depreciation can be calculated
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