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If the major repairs are improvements, you must capitalize (depreciate) any expense you pay to improve your rental property. See instructions below on how to enter.
An expense is for an improvement if it:
A rental expense is an expense that must be both ordinary and necessary. Their useful life is generally less than one year. Rental expenses are deducted in the current year. For example, light bulbs, paint, furnace air filters. See instructions below on how to enter.
Assets have a useful life of more than one year and must be depreciated over their useful life. For example, furnace, flooring, windows.
Some assets may be deducted in the current year, depending on current tax law.
How to enter income and expenses from a rental property:
Additional information:
Where do I enter income and expenses from a rental property?If the major repairs are improvements, you must capitalize (depreciate) any expense you pay to improve your rental property. See instructions below on how to enter.
An expense is for an improvement if it:
A rental expense is an expense that must be both ordinary and necessary. Their useful life is generally less than one year. Rental expenses are deducted in the current year. For example, light bulbs, paint, furnace air filters. See instructions below on how to enter.
Assets have a useful life of more than one year and must be depreciated over their useful life. For example, furnace, flooring, windows.
Some assets may be deducted in the current year, depending on current tax law.
How to enter income and expenses from a rental property:
Additional information:
Where do I enter income and expenses from a rental property?Thank you for this information can you provide steps on how to complete this
To enter your rental:
Please see this TurboTax FAQ for additional information: How do I handle capital improvements and depreciation for my rental?
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