Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 1
posted Mar 28, 2023 8:10:23 PM

Declare the full amount of capital expenses for the last year of my rental property?

Where should I declare the full amount of capital expenses (siding replacement) on TurboTax for the last year of my rental property?

0 1 367
1 Replies
Level 3
Mar 29, 2023 8:15:10 PM

You can follow these steps to enter capital expenses for your rental property:

1. Log in to your TurboTax account and navigate to "Income" section. Scroll down and then select "Rental Properties". Or you can also click on the "Find" option on the top right and search for "Rental Properties".

3. Select "Yes" to answer the question "Did you receive income from a rental property?"  and input all the information that pops up in the next screens.

4. Then you can click on "Continue" and in the next screen select the checkboxes that apply to your situation.

5. Now you can enter the amount of your capital expense and a description of the improvement.

 

Note: Clearing a checkbox does NOT remove any info you've already entered for an item or category. To remove the associated info, you need go to the section and field where you've entered the info and delete it there.

 

Thank you for choosing TurboTax.