- From there, you select Looks good.
- Enter your rental income if you have not done so already.
- This should bring you to a screen that says Here's your rental property info. Scroll down to assets. This may have already been started for you based on your prior entries or you can click Add expense or asset.
- Select Rental Property asset if it is not pre-selected. You can also select any other expenses you have.
- Edit next to Rental Property
- Select Rental Real Estate Property.
- Residential Rental Real Estate.
- Enter the description and cost information.
- This will take you to the screen above. Select No, I have not always used this item 100% of the time for this business. Enter the date you started renting it out and enter the portion of the square footage as the percentage of time.
- This will start depreciating the property from the date you entered business use. The portion you enter as percentage of time will be the percentage of the cost of the property (not including land) that is depreciated.
@bentley311
‎April 13, 2022
11:47 AM
