If your new roof costs under $2,500, you can deduct it as a one- time expense under the safe harbor election. This election allows you to claim a direct expense write off against your rental income. If the new roof costs more than $2,500, you will have to report it as a capital asset depreciated over a period of 27.5 years.
So make the safe harbor election relate to your new roof if you can. Click here for more information on the Safe Harbor Election
To enter rental information in the program, here are the steps:
In TurboTax online,
- Sign in to your TurboTax account and select Pick up where you left off
- At the right upper corner, in the search box, type in "schedule e" and Enter
- Select Jump to schedule e
- Follow prompts
- Review Your Rental Summary, under Assets/Depreciation, select Start
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