Here are the steps to enter rental property to include deprecation:
- Open TurboTax.
- Go to the Rental and Royalty Summary, delete the current entry.
- Select Add Another Rental or Royalty.
- Select Rental property and enter the information about the property.
- Select the type of property.
- Select any of the situations that apply to this property.
- Answer "Was This Property Rented…"
- Answer the "Property Ownership"
- On the screen, "Let's Find Out if You're…", select the "EasyGuide".
- Continue.
- On the screen, "Enter Purchase Price", enter the information.(This helps TurboTax determine your depreciation deduction."
- Continue entering the information.
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