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March 30, 2025
Question

the Turbo Tax software is not letting deduct mortgage interest, repairs and depreciation for my rental property

  • March 30, 2025
  • 1 reply
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where is depreciation expense allowed on the tax return for rental property

    1 reply

    March 30, 2025

    Depreciation on rental property is reported on line 18 of IRS Schedule E Supplemental Income and Loss.

     

    You should be reporting the rental property asset in TurboTax Premium Online in Rental Properties and Royalties. 

     

    If so, in TurboTax Premium Online, follow these steps to report depreciation expense.  

     

    • Down the left side of the screen, click on Federal.
    • Down the left side of the screen, click on Wages & Income.
    • Click to the right of Rentals, Royalties and Farm.
    • Click to the right of Rental Properties and Royalties.
    • At the screen Your rentals and royalties summary, click the pencil to the right of the rental property.
    • At the screen Here's rental property info, scroll down to Assets, click the pencil to the right.
    • At the screen Your property assets, click Add an Asset.
    • Enter the information about the asset.  Continue through the screens.
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