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January 25, 2021
Question

I purchased 2 refrigerators and 2 stoves, and installed gutters on 2 homes, will it be claimed under miscellaneous expenses and depreciated items?

  • January 25, 2021
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1 reply

CatinaT1
January 25, 2021

I am assuming you are talking about two different rental properties.   The amount you paid would be entered as a capital improvement (asset) in TurboTax and depreciated. 

 

To enter your rental assets:

  1. In TurboTax, search for rentals and select the Jump to link at the top of the search results.
  2. Answer Yes to the question Did you have any rental or royalty income and expenses in 2020 for property you own?
  3. Follow the on-screen instructions as you proceed through the rental and royalties section.
    • We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
    • Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.

@oramac82  Additionally, there is an option to use a safe harbor election.  Here is more information on that:  Safe Harbor Election 

 

 Related Information:

[edited | 1/25/21 6:52am]

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