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fanchunrong
Level 3

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

 
5 Replies
MinhT
Expert Alumni

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

If the inspection cost is incurred to get the property ready for rental, it is not deductible as a rental expense.

If the inspection is incurred while the property was already on the rental market, it is deductible as a rental expense (under Professional Fees).

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fanchunrong
Level 3

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

It was the inspection for purchasing the property. Can I enter as the depreciation?
MinhT
Expert Alumni

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

You add this cost to the cost basis of your property to be depreciated.
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aubreytaxes00
New Member

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

where does this cost and others get entered in TurboTax Home & Business, along with rental home search expenses
yupod
Level 2

How do I deduct inspection cost for my rental property? Where should I enter in turbo tax? I bought the property in 2017

I think it goes to "Any other adjustments?", "Enter any other increases and decreases to you property's value"

 

 

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