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Using Turbo tax for first time. I have a rental unit. Last year my tax prep person included an amount for depreciation expense. How do I enter that for the first time?

The rental unit has been rented out by me for the past 20 years. Depreciation is for items purchased more recently. I have the depreciation amounts from last year, but not the cost basis details. Do I need to dig up past tax filings for that?
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1 Reply
MaryK4
Employee Tax Expert

Using Turbo tax for first time. I have a rental unit. Last year my tax prep person included an amount for depreciation expense. How do I enter that for the first time?

Yes, you will need the Depreciation schedule so that you can make the entries in TurboTax.  You need the date placed in service, cost basis prior depreciation etc.

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