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Room rental in my primary residence that was placed in use in 2023

I placed a room in my home last year in service  as a rental.  I used a professional tax service  last year but I am using  tubo tax this year. I have  the figures from last year but do not know  which figures  I need for this year and where they should  be entered on tubo tax premier. Do I place the calculated depreciation amount from last year or does this figure change  each year? Where is the amount  entered on this year's taxes? 

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1 Reply
ThomasM125
Expert Alumni

Room rental in my primary residence that was placed in use in 2023

The depreciation amount may change from last year, depending on what you are depreciating and when it was placed into service. What you need to do is enter the assets being depreciated, which will be a portion of the house and maybe furniture or appliances in the room being rented. You should be able to obtain a depreciation schedule from your old tax preparer or it may be in the schedules attached to your return. 

 

You then enter the assets in the rental section of TurboTax by cost and date placed into service. TurboTax will calculate the applicable depreciation.

 

You enter the assets in the screen that says Review Your (name of rental) Summary, where is says Assets/Depreciation:

 

 

 

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