topic What is the difference between Any Property Improvements Made vs Asset Summary? in Get your taxes done using TurboTax

What is the difference between Any Property Improvements Made vs Asset Summary?

buns2 — Sun, 27 Aug 2023 23:23:17 GMT

Hello folks,

What is the difference between "Any Property Improvements Made" line item to a property vs Asset Summary?

If I answer the "any property improvements made" with 150K. It will depreciated it by Y.

However I am not able to accelerate some of the depreciation like appliances, flooring, HVAC, etc. Should I not include these items (flooring, appliances, HVAC) and manually input it in the "Asset Summary: so I can get some special depreciation?

Re: What is the difference between Any Property Improvements Made vs Asset Summary?

Critter-3 — Mon, 28 Aug 2023 12:13:00 GMT

Improvements ( like the ones you listed ) are depreciated over 27.5 years and are not eligible for accelerated depreciation.

Re: What is the difference between Any Property Improvements Made vs Asset Summary?

buns2 — Mon, 28 Aug 2023 22:44:52 GMT

Ok - so it's essentially the same thing. You can either add renovation cost under improvement line item when you add a rental property or the asset summary.

Correct?

Re: What is the difference between Any Property Improvements Made vs Asset Summary?

Critter-3 — Tue, 29 Aug 2023 11:39:03 GMT

Yepper