Question

Entering many assets at once?

Forum|Forum|2 years ago
October 8, 2023
1 reply
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I started a new short-term rental property in 2022. Since I furnished it from scratch there are a lot of assets that I need to depreciate over 5 years. Turbotax has the guided multi-step process for entering in assets but if I have ~100 of them in a spreadsheet it will take a very long time to add them all in turbotax. Can I upload a CSV file or is there a more efficient way to do this?

TurboTax Self Employed Online

A

Anonymous_

Employee

You can't upload a CSV file into TurboTax; it won't work.

However, you can group those items together since they're in the same asset class.

Z

zacwitteAuthor

If I group them together, what do I enter as the date purchased? The furnishings and appliances were acquired over a period of time even though they all entered service at the same date. That field seems to be required when TurboTax does the final checks before filing.

Also, if I group them and the total amount is more than $2500, I can't take advantage of the option to deduct it all in the year it first entered service.