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mdgsing
New Member

where do i enter the depreciation schedule for our rental property? Also, the amount Turbo tax auto enter is more than whats on my 2024 tax return.

 
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2 Replies
DianeW777
Employee Tax Expert

where do i enter the depreciation schedule for our rental property? Also, the amount Turbo tax auto enter is more than whats on my 2024 tax return.

Follow the steps below to review, add or edit your assets for your rental property. 

 

Search > Type rentals > Click the Jump to.. link > Scroll to Assets > Add expense or asset (if you have not yet entered an asset) 

  1. Add assets from the Rental Property info or Select Add expense or asset
  2. Select Edit/Pencil beside Property one > Select Update/Revisit beside Assets > Continue 
  3. Keep going until you return to the Rental property info page Select 'None of the above' for Real Estate Pro
  4. Edit/Update beside your first Asset (Residential Rental Real Estate) > Depreciation is shown  > Continue to finish
  5. Select Done with Rental Property (one) > Continue until you reach Rental and Royalty Summary

Please update if you have more questions or need additional assistance.

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Carl
Level 15

where do i enter the depreciation schedule for our rental property? Also, the amount Turbo tax auto enter is more than whats on my 2024 tax return.

The depreciation is entered in the Assets/Depreciation part of the rental property section. As you work through the property you'll come to a screen with four buttons on it. One of those buttons is for Assets/Depreciation.
If you entered this data last year, then it "should" already be entered in the Assets/Depreciation section. But of course, you want to review it.


Turbo tax auto enter is more than whats on my 2024 tax return
If 2024 was the first year you put the property in service, that would be perfectly normal. The first year depreciation amount depends on what month it was placed in service and is prorated accordingly using the mid-month convention. If the property was classified as a rental for the entire tax year of 2025 then naturally the depreciation for 2025 will be higher than it was for 2024. 

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