If I have residential rental property, how do I enter depreciation expenses in turbotax?

[indianwannabe]

Depreciation rate is already determined. I just need to find where to enter data into turbotax.

[DavidS127 · Accepted solution]

In TurboTax, depreciation is entered by first adding the asset(s) in the Assets/Depreciation section of your Rental Summary for that property.  TurboTax calculates the depreciation based on your entries in the Asset/Depreciation section and then automatically populates the Depreciation line on your Schedule E.

Click the "magnifying glass Search" icon on the top row, enter "rental property" in the search window and press return or enter, and then click on the "Jump to rental property" link to get back to the Rental and Royalty section.  After continuing through a couple of questions, you'll see your rental property to Edit.  The next page is where you will see the Assets/Depreciation section.  Start that, and answer the questions to enter your rental property assets.

[Carl]

You personally do not figure or enter actual depreciation amounts. The program does all the math for you, based on the data you enter. All depreciable assets, including the actual property itself, are dealt with in the Assets/Depreciation section of the SCH E.