DaveF1006
Expert Alumni

Investors & landlords

It depends. You will need to enter the information in Turbo Tax as depreciable assets.

  1. 1) Select the federal tab, then go to wages and income.

     

    2) Scroll to Rentals, Royalties and Farms click on the drop down that says show more

     

    3) Select Rental Properties and Royalties (Sch E) Select start

     

    4) Then you will go through a series of questions regarding your rental property.

     

    5) Once these questions are answered, Turbo Tax will take you to a Rental Summary Screen

     

    6) From this screen, select Assets/Depreciation> select start

     

    7) Select yes when the program asks you if you have assets for this property that can be depreciated

     

    😎 I would start with entering information about the rental unit itself. Once you complete this, the program will take you to an asset summary screen. Here is where you can add additional assets such as appliances, carpeting, amortizable points, and inspection fees. All these are added in as separate assets to be depreciated or amortized.

 

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