HouseStark wrote:In any case, if you have $93k in capitalized improvements and that amount is all depreciated straight-line over 27.5 years that's only $3382 in annual depreciation, so your increased rental income may well exceed your increased deductions. You should make sure you considered the possibilities for shorter depreciable periods for some components of your renovations.
TurboTax will do that. . .but it's important to read the information panels when deciding what to depreciate and what to claim as repairs.
Plus, it's helpful to read the TurboTax community forum for additional like-minded questions - or post your own question.
TurboTax falls down though. . .when you find that you are required file a 1099 on a sub-contractor.
TurboTax "Premier" claims to be for Rentals - but it will not provide the 1099 when needed. Instead TT reports that you must purchase the "Business" version of TT !!!