Skip to main content
January 30, 2025
Question

Where do I enter basis for rental property . Does premier have this

  • January 30, 2025
  • 1 reply
  • 0 views
Bought rental property Doesn’t it need to know this for 27.5 year depreciation

    1 reply

    January 30, 2025

    Yes, it does.  Report the rental property asset and its cost basis for depreciation purposes.

     

    In TurboTax Online, access the rental property asset as follows:

     

    • Down the left side of the screen, click on Tax Home.
    • Click on the down arrow to the right of Review.
    • Click on the blue band labeled Review.
    • Down the left side of the screen, click Federal.
    • Down the left side of the screen, click Wages & Income.
    • Scroll down to Rentals, Royalties, and Farm.  Select the down arrow to the right.
    • Click to the right of Rental Properties and Royalties.
    • At the screen Your 2024 rentals and royalties summary, click the pencil to the right.
    • At the screen Here's rental property info, select Edit to the right of Assets Rental property.
    • At the screen Your property assets, select Add an asset.
    • Follow the screens to enter each asset.
    • At the screen Confirm your prior depreciation, enter the amount of depreciation taken in prior years.

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"