For rental properties, is my depreciation automatically calculated or do I have to add that as a specific line item?

Depreciation is automatically calculated by TurboTax when you enter an asset.

 

To enter a rental asset:

1. Sign into your TurboTax account.
2. Select Pick up where you left off or Continue your return.
3. Select Federal from the left side menu.
4. Type rentals in the search bar and click on Jump to rentals.
5. On the Your 2022 rentals and royalties summary screen, Edit the property.
6. On the What expenses and assets did you have for XXX? screen, put a check mark in front of Improvements, furnishings, and other assets.
7. On the Here's XXX rental property info screen, scroll down to Expenses/Assets (Depreciation), Improvements, furnishings, and other assets and Start/Edit.
8. On the Your improvements, furnishings, and other assets screen, select Add asset and Continue.
9. Continue until you get tot he Describe This Asset screen. Select the option that best describes this asset and Continue.
10. On the Tell Us About This Rental Asset screen, you'll be able to enter the basis and date purchased or acquired.
11. Continue with the onscreen interview until complete.

 

Related Information:

• What kinds of rental property expenses can I deduct?
• What is rental depreciation and how does it differ from an expense?
• How do I handle capital improvements and depreciation for my rental?