Problem entering new rental property purchase

[wick8404]

Where do I add purchase of new rental property? Have 2 rentals shown on return, do not see where to add new purchase

[TomK]

To add a rental property:

1. With your return open in TurboTax, search for rentals and then click the "Jump to" link in the search result.
2. Answer Yes to the question Did you have any rental or royalty income and expenses?
3. When you get to Is this a rental property or royalty? select Rental property and fill out the description, address, and owner.

[peekay]

I tried this. But I am not able to add date of purchase, that was in 2020 No option to add purchase price

and owners name. Any suggestions?

Thanks,

Peekay

[Carl]

No option to add purchase price

After you click the "Add or Royalty or Rental" button, just work through the program the way it's designed and intended to be used. Depending on your specific and explicit situation, you may not deal with purchase price until you get to the Assets/Depreciation section of the program. That's where at an absolute minimum, you will enter the property itself to set things up for depreciation.

Understand that absolute perfection in this section is not an option. It's a must. The tiniest of mistakes will grow exponentially over time.