turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

BGZ
Returning Member

Claiming major improvements to Rental house over multiple years.

I made $60K renovation to residential rental property. Kitchen appliances, cabinets, added room and back patio, flooring tile plus more. Most of the cost was in 2022 and it was complete this year.
Previous improvements were a new roof and adding roof top solar in 2018 and refinancing in 2021.
For 2022 In turbo tax premier, do I just 'add another asset' for the renovation cost in 2022? And, repeat it again in 2023? I know it is a nube question but I really am not sure.

 

Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MayaD
Expert Alumni

Claiming major improvements to Rental house over multiple years.

Depreciation of Capital improvements that add to the value of your rental property, prolong its life, or adapt it to new uses begins when the asset is available for its intended use.

To enter your 2022 rental improvements, simply follow the directions to enter your rental income and expenses. At some point you'll come across the Rental Summary screen. Select Start next to Asset/Depreciation and follow the onscreen instructions. We'll figure out which depreciation method works best in your favor.

You will do the same for 2023 capital improvements. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies