topic Deduction in Deductions & credits

Deduction

jamesfagen — Thu, 03 Jun 2021 01:31:09 GMT

I purchased a property in 2020 for an income property, it’s a rental house, I paid cash for it, how can I deduct the purchase price of the house against my taxes

Re: Deduction

Bsch4477 — Thu, 03 Jun 2021 01:38:30 GMT

You don’t deduct the purchase price but there are deductions such as repairs, depreciation and real estate taxes to name a few. You might want to get professional tax advice at least for your first tax return since the tax issues involved in real estate can be complex.

Re: Deduction

VolvoGirl — Thu, 03 Jun 2021 01:41:20 GMT

You add the house as an Asset then depreciate the cost of the rental over 27.5 years.

Rentals are on Schedule E. In the search box at the top of your return you can type in rentals and it will give you a Jump to box to go directly to Schedule E.

See, https://ttlc.intuit.com/community/entering-importing/help/where-do-i-enter-income-and-expenses-from-a-rental-property/00/25595

Here's some tax guides and videos on Rentals

https://turbotax.intuit.com/tax-tips/rental-property/

What kind of Rental expenses can I deduct?

https://ttlc.intuit.com/community/credits-and-deductions/help/what-kinds-of-rental-property-expenses-can-i-deduct/00/26372

What is Depreciation?

https://ttlc.intuit.com/community/rental/help/what-is-rental-depreciation-and-how-does-it-differ-from-an-expense/00/26371

IRS publication 527 on Rental Property….

http://www.irs.gov/pub/irs-pdf/p527.pdf