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March 20, 2024
Question

Add an asset for depreciation

  • March 20, 2024
  • 1 reply
  • 0 views

where do I enter the value of a depreciable asset added to an existing rental. I have gotten to the page where I describe the change, but there is nowhere to add the cost.

    1 reply

    KrisD15
    March 20, 2024

    Go back to the Rental Section

    "Rental Properties and Royalties"

    "Rental Properties and Royalties (Sch E) UPDATE

     

    next screen   "Income from Rentals or Royalty Property You Own"  select YES

    next screen   Check the items that applied to you or your spouse in 2023   and Continue

     

    next screen   "Rental and Royalty Summary"   Select EDIT for the property listed to which you added the asset 

    Select UPDATE  (or START) for Assets/Depreciation

    Select "YES" for "Do you want to go directly to your asset summary?"

     

    Continue

    Select "Add an Asset" on the "Your Property Assets" screen

     

    Continue through the interview to enter the additional asset

    NOTE: The Rental (Building and Land) must have been entered when the rental was first established before assets can be added

     

     

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