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First year purchase and short-term rental of a beach condo

I purchased a beach condo in Oct 2020. I got ready to rent and started advertising it as a short-term rentals in December 2020 and received a little income that month. This is my first time doing my taxes with a rental property.

 

Can I expense items I purchased like pictures/paintings used to decorate the place? Also, can I expense small kitchen appliances like a coffee maker? 

 

If yes, what line item/items do I use in the Turbo Tax software to reflect these expenses?

 

Thanks!

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4 Replies

First year purchase and short-term rental of a beach condo

As long as the items are $2500 or less you can expense them. On SCH E you could use line 15 for supplies or line 19 for other miscellaneous items.

First year purchase and short-term rental of a beach condo

Thanks so much!

JoannaB2
Expert Alumni

First year purchase and short-term rental of a beach condo

Yes, you may expense any item less than $2,500 or depreciate small appliances used on rental property. Depreciation deductions begin when property is ready and available for rent, Rental expenses on a vacant property are deductible beginning at the time the property is available for rent regardless of when rental income is usually received. You may follow the steps below to enter your qualified rental expenses:

  1. Login to Turbo Tax Online.
  2. Under Income and Expenses tab, jump to Rental Properties and Royalties, click start.
  3. Answer the question on each screen until you get to" What expenses and assets did you have for beach condo?".
  4. Enter your 2020 rental expenses.
  5. Below is the screenshot of Expenses and asset screen:

First year purchase and short-term rental of a beach condo

OK, so I can lump similar items together and make separate entries such as one for bedding (to include sheets, mattress cover, etc), kitchen small items like coffee pot, pans), and wall art (pictures and such) and post there. Thanks so much!

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