Where to enter new assets for rental property?

Forum|Forum|5 years ago
March 7, 2021
2 replies
17 views

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!

TurboTax Home & Biz Windows

Anonymous_

Level 15

@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.

CaddyGrnAuthor

Level 5

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?