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adeck007
New Member

Where do you enter the costs associated with home improvement for a rental property inside of Turbo tax for the deductions?

 
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1 Reply
SabrinaD2
Expert Alumni

Where do you enter the costs associated with home improvement for a rental property inside of Turbo tax for the deductions?

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:

  1. Open or continue your return.
  2. 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.
  3. Answer Yes to the question Did you have any income from rentals or royalties?
  4. On the next screen, Let's see if you're a real estate professional, select any options that apply to you.
  5. 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.
  6. 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.
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