This form has disappeared so I do not know how to put costs back into turbo tax. Another depreciation problem?
I also purchased a new rental and filled out form adding inspection fees, points. etc. Form disappeared and I had to put cost of property another way and it would let me put in inspections fees. Another depreciation problem??
It depends. You will need to enter the information in Turbo Tax as depreciable assets.
1) Select the federal tab, then go to wages and income.
2) Scroll to Rentals, Royalties and Farms click on the drop down that says show more
3) Select Rental Properties and Royalties (Sch E) Select start
4) Then you will go through a series of questions regarding your rental property.
5) Once these questions are answered, Turbo Tax will take you to a Rental Summary Screen
6) From this screen, select Assets/Depreciation> select start
7) Select yes when the program asks you if you have assets for this property that can be depreciated
😎 I would start with entering information about the rental unit itself. Once you complete this, the program will take you to an asset summary screen. Here is where you can add additional assets such as appliances, carpeting, amortizable points, and inspection fees. All these are added in as separate assets to be depreciated or amortized.
Read both problems in refinancing and buying rental homes. The depreciation is not pick up closing costs?? Part of costs should be added to value of house and depreciated over 27.5 years and part should be depreciated over 30 years.
The reply from DaveF1006 did not work.