topic Rental Property Improvements in Get your taxes done using TurboTax

Rental Property Improvements

KD0027 — Tue, 10 Feb 2026 09:17:34 GMT

I did a major remodeling project on a rental house in 2023. Placed it in service May 1st 2023. When I add an asset to the property, the next question TT asks is "Describe the Asset". None of the selections seem to fit my improvement project. Can anyone talk me through adding this asset?

Re: Rental Property Improvements

Anonymous_ — Sun, 28 Jan 2024 23:05:20 GMT

The total project would have a recovery period of 27.5 years, the same as the underlying property.

Thus, select Rental Real Estate Property from the list and then Residential Rental Real Estate.

Re: Rental Property Improvements

KD0027 — Sun, 28 Jan 2024 23:08:13 GMT

Then just leave the cost of land blank and use the date placed in service as the date purchased?

Re: Rental Property Improvements

Anonymous_ — Sun, 28 Jan 2024 23:23:36 GMT

Yes, cost of land is $0 and date placed in service is the date the project was completed (and paid for, presumably).

Re: Rental Property Improvements

KD0027 — Sun, 28 Jan 2024 23:30:59 GMT

Thanks