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New Member
posted Apr 19, 2021 10:26:27 PM

Where can I claim my furniture costs of my rental property? It is a long term - fully furnished rental.

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1 Replies
Level 4
Apr 20, 2021 4:42:25 PM

You can enter the furniture costs of your rental property under Income > Rental Properties. Furniture is considered a capital asset, so it must be deducted over time - like depreciation. Furniture is a class 8 asset. You'll enter the information relating to the furniture purchase (class, price, date of purchase, etc.) as an addition in the Capital Asset/CCA section of the T776 and a portion of the cost will be available to use as a deduction.

 

For additional information on rental costs, please visit this page:

How do I enter my rental income and expenses in TurboTax? 

 

For any additional questions, feel free to contact our team here.