In TurboTax Online Premier I am able to set up a residential rental. The software computes depreciation on the residential rental property. Do you have residential rental income to report or other forms of rental income?
In TurboTax Online, report rental income and expense:
- Down the left side of the screen, click on Federal.
- At the top of the screen click on Wages & Income.
- Under Your income, scroll down to Rentals, royalties and Farm. Click Show more to the right.
- Click Edit / Add to the right of Rental Properties and Royalties.
- At the screen Your 2020 rentals and royalties summary, click on Edit to the right of the rental activity.
- At the screen Here's rental property info, scroll down to Assets (Depreciation) and click Edit to the right of the rental property.
TurboTax will ask questions and guide you through entering your rental property information.
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