rental repairs

Forum|Forum|3 years ago
March 1, 2023
2 replies
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I replaced the roof of a rental house. Where and how do I enter this?

Carl11_2

Employee

A new roof is a property improvement. Therefor you'll enter it in the assets/depreciation section. It gets classified as residential rental real estate and depreciated over 27.5 years. This is assuming your new roof was not for commercial real estate.

HelenC12

Carl is correct. A roof is a capital improvement that adds to the value of your rental property, prolonging its life, and must be depreciated over 27.5 years rather than deducted as a current-year expense.

To enter your roof as a rental asset:

Sign into your TurboTax account.
Select Pick up where I left off or Continue.
Select Federal then Wages & Income from the left side menu.
On the Your income screen, scroll down to Rental Properties and Royalties (Sch E) and Edit/Add.
If you get to the Your 2022 rentals and royalties summary screen, Edit the property.
On the Here's XXX rental property info screen, scroll down to Assets. If you have other that are listed select Edit.
On the Your improvements, furnishings, and other assets screen, select Add Asset.
On the Your Property Assets screen, scroll down and select +Add an Asset.
On the Describe This Asset screen. select Rental Real Estate Property and Continue.
On the Tell Us About This Rental Asset screen, select Residential Rental Real Estate and Continue.
Enter the roof information and Continue with the onscreen interview until complete.