Question

PROPERTY DEPRECIATIONalready posted this question and the answers are the same answers but where I am told there is a depreciation expense and prompts, there are none.

Forum|Forum|1 year ago
February 27, 2025
1 reply
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Very frustrating. I go to my property. Then click edit adn it shows a list of expenses, when I click add and write depreciation it does not give me prompts to calculate. If anyone can shed some light? Im using Chrome. thank you

M

MindyB

Yes, the depreciation is an expense, but it is calculated via the assets. So, that is where you want to navigate.

Here's how to do this in TurboTax Online:

Navigate to Federal > Wages & Income > Rental Properties and Royalties (Sch E)
Edit the rental using the pencil icon
Navigate to Assets, choose pencil icon if you have an asset already set up and are adding more, or choose to Add expense or asset if not.
Now, you will see Your Property Assets with depreciation already computed, or add new assets.

D

dearindialeighAuthor

Mindy!!!

You are fabulous thank you. I found it already calulated. I have one more questiun. Does the depreciation amount not get added to the expenses to calculate it in the net income from the rental?

Thank you!

DawnC

Yes, the depreciation expense is subtracted from your gross rental income, on Line 18 (Expenses) of Schedule E, to figure your net rental income or loss.

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