I do see where AmeliesUncle has posted an IRS - Regulation §1.167(a)-4 where you could depreciate these assets. To claim, you will need to report the Airbnb like it was a business.
- Go to federal>income and expenses>
- Self-Employment>Self-employment income and expenses
- Complete the profile that asks about your business
- Then there will be a screen where you will enter your self-employment income.
- After entering, you will start entering expenses into your program.
- If using Turbo Tax online, there is an asset section in the expense category. This is where you can enter your improvements as depreciable assets.
- if using the Turbo Tax Home and Business Software, There is a separate Business Asset section where you will enter this information.
- Interviews from both products will reference improvements made, which will lead through the sections.
@pbmunkey
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