In TurboTax Online, access the rental activity assets by following these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & inc...
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In TurboTax Online, access the rental activity assets by following these steps:
Down the left side of the screen, click on Federal.
Down the left side of the screen, click on Wages & income.
Scroll down to Rentals, Royalties, and Farm. Click down arrow to the right.
Select Start / Revisit to the right of Rental Properties and Royalties.
At the screen Your 2025 rentals and royalties summary, click the pencil icon to the right of the rental.
At the screen Here's rental property info, click the pencil icon to the right of Assets.
Your 2024 income tax return should include an asset summary. From this report, at the screen Confirm XXX prior-year depreciation amounts, you will report Total prior-year depreciation and Total prior-year alternate minimum tax depreciation.
At the screen Depreciation summary for XXX, you will verify the date placed in service, cost basis, depreciable basis (total cost minus cost of land) and recovery period.