Where to enter rental property expenses?

[rynlee]

I purchased a rental property in 2022 and feel confused about how to enter into TT expenses for that property.  After purchasing the property I purchased new carpet, a new AC, a washer/dryer, and paid a contractor to do a number of improvements.  

I've encountered three areas of TT that may be asking for these expenses: (1) in the property profile, TT asks for remodeling expenses; (2) in the common expenses section, TT asks about repairs, (3) in the assets/depreciation section, TT asks about improvements.  How do I decide where to enter these expenses?  And am I correct that I should not be entering anything twice (in more than one section of TT)?

Additionally, I'm wondering if I should enter the property itself as one of the assets to depreciate?

[Critter-3]

Additionally, I'm wondering if I should enter the property itself as one of the assets to depreciate?  This is a MUST not an option.  You really need to do some reading to get educated on having a rental property and/or use a paid tax pro your first year to get things done correctly.   https://www.irs.gov/pub/irs-pdf/p527.pdf

I've encountered three areas of TT that may be asking for these expenses: (1) in the property profile, TT asks for remodeling expenses;  No it does not... read that section again.   And did you ever rent the property or put it on the market for rent ?

(2) in the common expenses section, TT asks about repairs,  Repairs are done once the rental is being rented.

(3) in the assets/depreciation section, TT asks about improvements.  How do I decide where to enter these expenses?  All expenses to buy, improve and repair the property until it is rented or available for rent MUST be capitalized and depreciated.

And am I correct that I should not be entering anything twice (in more than one section of TT)?  NOTHING is ever entered twice ... just once in the correct place. 

[Critter-3]

new carpet, a new AC, a washer/dryer,  All depreciable assest that are listed separately from each other and the home itself.

[rynlee]

Thank you for your reply.  Here's a screenshot of TT asking for remodeling expenses (also referred to here as additions and improvements prior to when the property was available for rent) in the property profile section of TT:

And then here TT is asking again for me to enter major improvements in the depreciation section:

So I'm confused about how to organize the expenses between the two sections.

[Critter-3]

Please USE PROFESSIONAL HELP ...  all of the improvements/repairs should simply be added to the cost basis of the home and not added separately all over the place ... sometimes the program tries to be too helpful so if  the program is confusing you please upgrade to one of the LIVE options or seek local assistance and/or read some of the publication links I posted.