Question

Rental property deprecation numbers

Forum|Forum|1 year ago
March 22, 2025
1 reply
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Hi TurboTax community,

I am using the latest browser version of TurboTax Premium on my Mac. I have a rental property in North Carolina for which I wanted to enter depreciation info (such as when I bought the property and the land value etc) to reduce my taxes. Can anyone tell me where exactly do I put those numbers in my current latest version of browser TurboTax? How do I get to the section where TurboTax asks me those questions?

Thank you so much in advance!

KrisD15

TurboTax Premier offers rental under

wages & Income

Rental Properties and Royalties.

You will first be asked to set-up the rental profile (address, your participation level)

Once the rental profile is complete, do not leave that rental section, but scroll down to

Assets/Depreciation

Here is where you enter the building and land values.

If in a later year you add a new roof or appliances, you would return to this section to enter those additional assets.

If you get lost,

return to the Rental and Royalties section

Answer "yes" to review

Select EDIT for the rental from the list on the "Rental and Royalty Summary" screen

Scroll down to Assets/Depreciation

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

N

nbhardwajAuthor

Thanks, KrisD15,

I already set up the property so I can't use your option 1.

As to the 2nd part of your reply, if I go that property and click edit, it asks for General info, Rental type and usage and, Owner info. Nothing about depreciation on that page. But the next section is called "Expenses / Assets (Depreciation)" and includes things like maintenance, mortgage interest, utilities, mgmt fee, repairs, etc. Is that all part of depreciation? It did not ask me for value of house/land, year of purchase etc.

Would I need to set up the initial profile again to enter this info?

Thanks for your prompt help!