If it is your first time using TurboTax, you will need to go through the steps to enter it into TurboTax as if it is a new rental.
However, you will be able to enter in the start date, property information, as well as prior deprecation information as you enter your details.
You would enter your information for a rental property in the federal interview section.
- Select Income & expenses
- Scroll down to see All Income and select Rentals, Royalties, and Farm
- Select Rental Properties and Royalties (Sch E)
- Select Add Another Rental or Royalty property as prompted.
- Be sure to enter all of the information including income and expenses as it relates to your rental property. You will be able to edit your information as needed in the page titled Rental and Royalty Summary.
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