With my rental property that has a separate entrance but is part of my house can I 100% deduct items bought specifically for that rental such as furniture, fridge?

Forum|Forum|2 years ago
April 11, 2024
1 reply
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What about expenses specifically for that rental such as legal costs, and websites where it is advertised?

TurboTax Online

PaulaM

Employee

Legal and advertising expenses just are regular deductible rental expenses. The furniture and fridge can be deducted an number of ways; depreciated, 179 deduction or special depreciation allowance.

You'll see these options when you enter them in the Asset section.

I presume that you are asking because you indicated that you rent a part of your home? In my opinion, its best to enter in TurboTax as if its own rental and do the necessary math yourself for items that belong to both rental and rest of your home. Makes everything much simpler down the road.

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