Claiming major improvements to Rental house over multiple years.

Forum|Forum|3 years ago
March 29, 2023
1 reply
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I made $60K renovation to residential rental property. Kitchen appliances, cabinets, added room and back patio, flooring tile plus more. Most of the cost was in 2022 and it was complete this year.
Previous improvements were a new roof and adding roof top solar in 2018 and refinancing in 2021.
For 2022 In turbo tax premier, do I just 'add another asset' for the renovation cost in 2022? And, repeat it again in 2023? I know it is a nube question but I really am not sure.

MayaD

Depreciation of Capital improvements that add to the value of your rental property, prolong its life, or adapt it to new uses begins when the asset is available for its intended use.

To enter your 2022 rental improvements, simply follow the directions to enter your rental income and expenses. At some point you'll come across the Rental Summary screen. Select Start next to Asset/Depreciation and follow the onscreen instructions. We'll figure out which depreciation method works best in your favor.

You will do the same for 2023 capital improvements.

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