topic Can I depreciate the cost of removing underground storage tanks from my rental property? in Investors & landlords https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/can-i-depreciate-the-cost-of-removing-underground-storage-tanks-from-my-rental-property/01/177476#M6894 Sat, 01 Jun 2019 15:53:32 GMT Lindy25 2019-06-01T15:53:32Z Can I depreciate the cost of removing underground storage tanks from my rental property? https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/can-i-depreciate-the-cost-of-removing-underground-storage-tanks-from-my-rental-property/01/177476#M6894 Sat, 01 Jun 2019 15:53:32 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/can-i-depreciate-the-cost-of-removing-underground-storage-tanks-from-my-rental-property/01/177476#M6894 Lindy25 2019-06-01T15:53:32Z Yes, you can amortize the cost of removing storage tanks... https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/yes-you-can-amortize-the-cost-of-removing-storage-tanks/01/177482#M6895 <P>Yes, you can<I> amortize the cost</I> of removing storage tanks from <I>Rental Property</I>, or you can claim it as a Rental Expense for 2018.</P><P>In the <I>Assets/Depreciation</I> section, you could categorize this as a '<I>land improvement</I>'.&nbsp;</P><P>Depending on the total cost, TurboTax may present you options for depreciation, and several options for claiming it as an expense.&nbsp;</P><P>The '<I>Asset Summary</I>' page will give you depreciation details. Land Improvements have a 15-year depreciation schedule (screenshot).</P><P>Here's more info:</P><P> <A href="https://ttlc.intuit.com/replies/4791833" target="_blank">https://ttlc.intuit.com/replies/4791833</A> <BR /> </P> Sat, 01 Jun 2019 15:53:33 GMT https://ttlc.intuit.com/community/investments-and-rental-properties/discussion/yes-you-can-amortize-the-cost-of-removing-storage-tanks/01/177482#M6895 MarilynG 2019-06-01T15:53:33Z