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jfoster12
New Member

Can I use the SL depreciation method to depreciate Appliances on rental real estate?

I used  SL depreciation for this appliance in other software program in 2017 and want to continue to use it, but Turbo tax doesn't give me that choice.

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1 Best answer

Accepted Solutions
Coleen3
Intuit Alumni

Can I use the SL depreciation method to depreciate Appliances on rental real estate?

To enter an asset using straight-line depreciation, use these steps:

  • Navigate to the area of your tax return where you want to enter a depreciable asset
  • Click Add an Asset
  • On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
  • On the screen titled Tell Us a Little More, choose Other asset type then click Continue
  • On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
  • On the next screen, continue adding details regarding the asset and click Continue
  • Next, choose the appropriate asset class (class life) and click Continue
  • Depending on the date the asset was placed in service, there may be an additional screen asking for more information
  • Next, choose the Straight Line depreciation method, then click Continue
  • There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
  • Continue going through all screens until you get back to your summary screen showing your complete list of assets

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1 Reply
Coleen3
Intuit Alumni

Can I use the SL depreciation method to depreciate Appliances on rental real estate?

To enter an asset using straight-line depreciation, use these steps:

  • Navigate to the area of your tax return where you want to enter a depreciable asset
  • Click Add an Asset
  • On the screen titled Describe This Asset, choose Intangibles, Other property then click Continue
  • On the screen titled Tell Us a Little More, choose Other asset type then click Continue
  • On the next screen, enter the details for the description, cost, and date purchased or acquired then click Continue
  • On the next screen, continue adding details regarding the asset and click Continue
  • Next, choose the appropriate asset class (class life) and click Continue
  • Depending on the date the asset was placed in service, there may be an additional screen asking for more information
  • Next, choose the Straight Line depreciation method, then click Continue
  • There will be additional questions to review your entries and add more details if needed (such as depreciation taken in prior years)
  • Continue going through all screens until you get back to your summary screen showing your complete list of assets

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