purchased second home/vacation rental

[nstopak]

Purchased a second home/vacation rental in December. Wondering what areas of turbotax will be newly important to me, and what I can expense, as well as any potential for carryover for this coming year when we will actually have some income.

[HelenC12]

Rental income and expenses are reported on Schedule E so that is something new you'll need. Please see the TurboTax article: Real Estate Tax and Rental Property. It will give you a list of rental expenses that you can deduct on your income tax return.  

When you get ready to enter your rental, please see Where do I enter income and expenses from a rental property?

One carryover item you'll most likely have is depreciation expense. Rental property is depreciated over 27.5 years. TurboTax carries over the appropriate amount from year to year and keeps track of your depreciation expense.

Additional information: 

• Tax Tips for Landlords
• 10 Tax Tips for Airbnb, HomeAway & VRBO Vacation Rentals