If you have income and expenses from a rental property you will need the following TurboTax product:
- TurboTax Online - Premier or higher; OR
- TurboTax Desktop (CD/Download) - any version
To report the depreciation for your second rental house, please follow these steps:
- Click on Federal > Wages & Income
- In the Rentals, Royalties and Farm Royalties section click on the Start/Update box next to Rental Properties and Royalties (Sch E).
- On the Income from Rentals or Royalty Property You Own screen, click Yes.
- If you have already started adding information about your first rental, you will come to the Rental and Royalty Summary screen. Click on Add Another Rental or Royalty.
- Continue through the screens, entering the requested information.
- You will come to the screen, Review Your [property address] Rental Summary.
- Click on Start/Update in the Assets/Depreciation section. Continue through the screens to enter the information on the property and TurboTax will calculate the depreciation for you.
- When you have finished entering the income, you will be brought back to the Review Your [property address] Rental Summary so you can enter other categories such as expenses, vehicle expenses, depreciation, etc.
[Edited | 3/19/2020 | 9:24 am PDT]
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