Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Showing results for 
Search instead for 
Did you mean: 
New Member

How do I enter expenses incurred for rental property

I am using TurboTax premier on an IMac. I have a rental property for which I incurred expenses prior to rental. I need help to locate where in Turbotax can I enter the expenses.

1 Reply
Employee Tax Expert

How do I enter expenses incurred for rental property

You don't really have a data entry...Pre-rental expenses are not deducted nor reported on your tax return until the rental property is available for rent (it doesn't have to be rented, but it must be available for ... add is placed for example, but space not rented yet).

All your expenses paid BEFORE the property is listed as available for rent are simply added to the cost of your home (in your own records).  This includes all your repair/renovating costs etc.  The total amount is called adjusted basis (cost of your home plus your renovations). 

Once the property is available for rent, you will start depreciating the rental and use the "adjusted basis" for depreciation purposes and will be able to claim your other rental expenses.

Data entry for a rental property once it is available for rent:

  1. Federal Taxes
  2. Wages & Income
  3. Rental Properties and Royalties - follow the instructions  Where do I enter income and expenses from a rental property?
Dynamic AdsDynamic Ads
Privacy Settings