If you are just starting to enter your rental information, TurboTax will take you through many preliminary screens and questions to record the details regarding your rental.
You will finally come to a screen that is titled “Review Your __Rental Summary.” From this screen, you can choose the section to visit next. Your choices are Rental Income, Expenses, Assets/Depreciation, and Vehicle Expenses.To be certain that you do not miss anything, I would recommend that you complete each section in the order they are listed.
To enter the property depreciation from your rental home please follow the steps below:
Click Start/Update next to Assets/Depreciation;
There may be some preliminary questions to answer;
When you reach the Your Property Assets screen, click the blue Add an Asset button;
Choose the first item on the list, Rental Real Estate Property and click Continue;
Answer the additional questions about your property and proceed to enter the data that is requested, including the cost;
Once the asset has been entered, you can always choose to Edit the details from the Your Property Assets screen, or even Delete the asset and enter it again.
Repeat this process for each depreciable asset.
