Question

I have a rental property that I had done major repairs to for 9 out of last years months due to prior tenant damage. How do I 1. Deduct loss of rental income. 2. Deduct the costs of my repairs?

Forum|Forum|7 years ago
June 6, 2019
1 reply
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Also previous years taxes were done by CPA who was filing a form 4562 Depreciation and Amortization on said property. How can I get to that form in turbo tax? Thanks!

TurboTax Premier Online

V

Employee

You have to enter the original basis s[separate land value. land is not depreciated] and original placed in service date. Turbotax then calculates the same depreciation with correctly entered data.

Once you have the property correctly entered you enter expenses at the summary screen by click the update/start to the right of the listing.

NOTE. Rental income loss is not a legitimate tax expense.

Rental Property Income and Expenses

https://ttlc.intuit.com/replies/3288530

Form 4562 is generated only with a new asset entered for the rental property.