Should I depreciate cost of major electrical update to recently acquired residential rental property? and how to enter the data?
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New Member

Should I depreciate cost of major electrical update to recently acquired residential rental property? and how to enter the data?

 
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New Member

Should I depreciate cost of major electrical update to recently acquired residential rental property? and how to enter the data?

Yes, this is a depreciable expense for your rental property.

1.  Go to the Federal section, under the Wages and Income, select Rentals, Royalties and Farm.

2.  Next you will go to Rentals Properties and Royalties, Sch E.  If you've already set up your properties profile, you will be able to Edit under Rental and Royalty Summary. 

3.  The next page will have Review Your ........ Rental Summary.  Choose Sale of Property/Depreciation.

4.  You will answer questions until you get to the page, Describe This Asset.  You will select Rental Real Estate Property.

This is where you will enter the Major Electrical work done and the cost.

If you have not set up the Property Profile, follow the instructions below then come back to step 3.

You will begin by answering the general questions about your property, such as if it's a room in your house or a single-family home, or other structure. 

TurboTax will lead your through the program by asking questions about when you made the property available to rent, how many days in 2017 you rented, etc.

The next steps will allow you to add the income and expenses incurred.

The following information will be helpful in determining which expenses may be available to you:

https://ttlc.intuit.com/questions/2569433-what-kinds-of-rental-property-expenses-can-i-deduct

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