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I have a not-for-profit rental. I had a deck added to the property which cost more than the rental income I received. Can I deduct it all under expenses?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Self Employed Online

Best answer by Anita01

No, expenses are only deductible up to the amount of rental income on a not-for-profit. It sounds like your deck addition should be a depreciable asset, not an expense. It should be depreciated at the same rate as the rental property.

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Anita01Answer

Employee

No, expenses are only deductible up to the amount of rental income on a not-for-profit. It sounds like your deck addition should be a depreciable asset, not an expense. It should be depreciated at the same rate as the rental property.

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gjoanne8Author

So - there is not a depreciation schedule because Schedule E has been deleted. Have I don something wrong? If there is not a Schedule E, the depreciation schedule is no longer part of the tax return, right? Even without the depreciation, I have expenses equal to the income received.