You will depreciate the new siding as an asset on Form 4562 on your tax return. Here's how to do this in TurboTax Online: Navigate to Federal > Wages & Income > Rental Properties and Royalties (Sch E)Edit the rental using the pencil iconNavigate to Assets, choose Improvements, furnishings, and other assets, choose pencil icon to edit and skip to #6; or, if Improvements, furnishings, and other assets is not an option, select Add expense or assetChoose Improvements, furnishings, and other assets and continueImprovements, furnishings, and other assets will appear in your list of assets, choose to startContinue through the interview and answer yes to Did you make any improvements in 2024?Continue until you see Your Property Assets and "Add an Asset" You can describe the asset as Rental Real Estate Property. Categorize it as Residential Rental Real Estate, and answer the remaining questions.

TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

speierpm

Level 2

Question

Where/how do I depreciate new siding on a rental property in Premium TurboTax. Thanks

Forum|Forum|1 year ago
February 24, 2025
1 reply
0 views

No text available

MindyB

Level 13

You will depreciate the new siding as an asset on Form 4562 on your tax return.

Here's how to do this in TurboTax Online:

Navigate to Federal > Wages & Income > Rental Properties and Royalties (Sch E)
Edit the rental using the pencil icon
Navigate to Assets, choose Improvements, furnishings, and other assets, choose pencil icon to edit and skip to #6; or, if Improvements, furnishings, and other assets is not an option, select Add expense or asset
Choose Improvements, furnishings, and other assets and continue
Improvements, furnishings, and other assets will appear in your list of assets, choose to start
Continue through the interview and answer yes to Did you make any improvements in 2024?
Continue until you see Your Property Assets and "Add an Asset"
You can describe the asset as Rental Real Estate Property. Categorize it as Residential Rental Real Estate, and answer the remaining questions.