To enter costs associated with your rental improvements in TurboTax you can follow the directions to enter your rental income and expenses. At some point you'll come across the Here's [your property's] rental property info screen. Under Expenses / Assets (Depreciation), select Add expense or asset and follow the onscreen instructions. We'll figure out which depreciation method works best in your favor.
Here's a Step-by-Step:
To enter your rental:
- Open or continue your return.
- Navigate to the rentals section:
- TurboTax Online/Mobile: Go to rentals.or go to magnifying glass at top right of screen and Search for rentals and select the Jump to link.
- Answer Yes to the question Did you have any income from rentals or royalties?
- On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
- On the screen What are you here to report?, select Rental property and Continue.
- If you have more than one rental property to report, no problem—just start with one, and we’ll come back to the other one(s) later.
- On the following screens, enter all the info we need about your rental property, including a description of the property, your rental income, any expenses and assets, and other less common situations about your rental.