Rental activity is reported on Schedule E Supplemental Income and Loss.
Depreciation expense is computed by entering the individual rental property assets into the software. Depreciation expense is computed based upon the information entered about each rental property asset.
In TurboTax Premium Online, enter the rental property assets by following these steps:
- Down the left side of the screen, click on Federal.
- Down the left side of the screen, click on Wages & income.
- Click to the right of Rentals, Royalties, and Farm.
- Click to the right of Rental Properties and Royalties.
- At the screen Your 2024 rentals and royalties summary, click the pencil icon to the right.
- At the screen Here's rental property info, select Add expense or asset to report rental expense.
- Select Add expense or asset to establish the rental property asset.
- Answer the questions to establish the rental property asset and compute depreciation on the rental property asset.
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