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?
You'll need to sign in or create an account to connect with an expert.
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:
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rsbohra24
New Member
pennyshu08
New Member
mfwfafbf
New Member
721alucio
New Member
LJMS
New Member