Adding a Rental as an asset

[knealtaxes]

I currently have 2 rental properties set up in Turbotax Premier Online.  I am trying to add a 3rd one for tax year 2021 as a first year rental property.  It lets me add the property description and expenses, it even asks me how i acquired the property, but after answering all of the questions, the property never shows up as an asset.  The interview screen even explains that I need to have my cost basis ready and the date i acquired the property. Everytime i hit continue, it puts me back to the beginning of the rentals and royalties page.  It automatically added the property as an asset for me, but it never shows up. BTW, i can easily go and look at the other 2 properties and their depreciation sections.  Am I missing something?

[Carl]

So are you saying there is absolutely nothing listed in the Assets/Depreciation section? Not one single thing?

[knealtaxes]

I'm looking at it now, here is what I see. 

-I go to the Rentals and Royalties screen. 

-I select the edit button (3 dots) on the right side for the newly added property. 

-I already added my income (no issues there).

-I go to the add expense/asset tab and it already has the rental property checked since it obviously knows the property itself is an asset.  That's the only thing im claiming as an asset at this time (good so far).

-I proceed to add my expenses (no issues there either).

-I press continue and it goes back to the rental property section. 

-Down at the button under assets, it shows the words "New rental property", so it did recognize it, but it also says " needs review" press start. 

-This is where it says Congrats for renting for the first year, so i press continue. 

-The next screen asked me how I acquired the property, i chose "as a gift" and then continue.  I tried all selections same result.  

-The next screen tells me to gather my cost basis information then press continue, then go back to the Rentals and Royalties topic to enter my basis and depreciation in the assets section. 

-So I do that, once I select edit the new property, this is where it starts a loop and always takes me back to Assets "Needs Review" press start. 

I never get to a screen where it lets me add my basis and depreciation.

FYI-- I can easily go to my other rental property and see their date placed into service, basis and depreciation. 

Sorry for long explanation. 

[KrisD15]

Are you using the app? 

You might try a PC. 

If you are still having difficulties, you can enter your basis another way, by selecting purchased or inherited. 

HOW you received it is not reported on your return, you just need to report the correct basis. 

The value of property received as a gift is the Donor's value plus any gift tax the donor paid for gifting that property. 

So if the person that gave you the property paid 150,000 for it, that is your basis. 

Add the gift tax if needed, but that is rare. 

Select Inherited or Purchased to get the program to continue. 

You may need to disregard the instructions TurboTax gives you for computing your basis if you are entering it on a different screen. Enter your basis as what the original owner's basis would be. You can add any improvements you may have made AFTER it was gifted and BEFORE you made it available for service.