I have a couple of small assets I purchased for rental property. TT didn't seem to ask me if I had anything new to enter, where do I enter them? Also, in previous years I could deduct the full amount of new assets if it was less than $1500 or something like that. Is that option still available?
Thank you in advance for your answers!
You'll need to sign in or create an account to connect with an expert.
@CaddyGrn wrote:
...in previous years I could deduct the full amount of new assets if it was less than $1500 or something like that. Is that option still available?
Yes, it is still available but it is $2,500 per invoice or item.
Thank you for your prompt answer! *Embarrassed* I did finally find where the question about purchasing new things was in the TT "interview" just took me a while! TT said to treat the items simply like expenses, so I assume I just list them in my expenses spreadsheet and use the totals?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
obeteta
New Member
bruced63
New Member
JMB011
New Member
taxquestion222
Returning Member
green2ski
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.