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What type of assets are these for my rental property?

Renovations to interior of my rental property. Replacing kitchen counters, Cabinet refinishing, ....

 

The types of assets in TurboTax are:

1. Computer, Video, Photo and Telephone Equipment

2. Tools, Machinery, Equipment, Furniture

3. Rental Real Estate Property

4. Intangibles, Other property

 

Item 3, Rental Real Estate Property is related to Nonresidential real estate, office buildings, restaurant, ....

Item 4, Land improvements are related to outside of the house.

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1 Reply
ColeenD3
Expert Alumni

What type of assets are these for my rental property?

An improvement to the building is the same as the building itself. You will choose residential real estate and depreciate it over 27.5 years, just like the original entry for the property.

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