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Level 3
posted Oct 16, 2022 5:16:28 PM

Using TT2021 DESKTOP for MAC: On a Rental Property - If I buy $2500 in appliances and pay someone $300 to install all of them

does labor get entered asa "thing" that gets depreciated or where do I enter that "cost."

 

Also, where exactly do I enter the sale of my rental property on the DESKTOP version? 

 

I entered a bunch of sales/expense information in "your property assets" to calc my 2021 depreciation amt but my refund decreased (I'm assuming due to less depreciation for 2021) - even when I entered my realtors commission which was over $15,000. 

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1 Replies
Level 15
Oct 16, 2022 6:32:58 PM

The total cost of the asset, including installation costs, will become an expense when the asset depreciated over the asset's useful life.