How do I depreciate the remodel of a kitchen in a rental property I own and rent out to a tenant?

Forum|Forum|3 years ago
April 12, 2023
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I have owned this property for 30 years already. I got new kitchen cabinets, counter top and some electrical and plumbing. How do I depreciate the remodel of this kitchen which cost about $30,000?

TurboTax Online

DaveF1006

Since these are all part of a kitchen remodel, you will treat this as a separate asset, with its own depreciation schedule. Go to the rental summary page and under assets/depreciation create an entry called Kitchen Remodel. Classify it as rental real estate>rental real estate. When it asks for the type of rental real estate, call it Kitchen remodel. Then enter $30,000 as the cost and the date the cost incurred. then finish out the section.

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taxmaniac92Author

Thank you very much! I understand now. I had selected Rental Real Estate, but it seemed like a whole new house. I get that I can name it kitchen remodel. Appreciate your input.