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Updated almost 6 years ago on . Most recent reply

User Stats

78
Posts
42
Votes
Wai Chan
  • Rental Property Investor
  • San Diego, CA
42
Votes |
78
Posts

Tax write off for rental property in Turbo tax

Wai Chan
  • Rental Property Investor
  • San Diego, CA
Posted

I have read about two possible legal ways to write off some of the rental income:

  1. Take a partial dispositions of asset for a rental property and use that loss to write off the income in 1040
    https://www.thebalance.com/partial-dispositions-3192873
  2. The new tax law said we can use the section 179 to deduct the entire cost of the eligible property for the rental property such as roof, HVAC instead of depreciating it over 27.5 years.

However, I don't know how to implement this in turbo tax. For item 1, I understand how to do the math to find the "loss" from the disposition but I am not sure where I can put it in turbo tax. The closet is to put it as sale of business property but I am not sure. For item 2, I saw that there is a section 179 in the asset/depreciation section in rental property income. However, I have tried a few combinations of answers but I still cannot get the number to appear under the section 179 column.

Anyone here has experience on these two items using turbo tax? Thanks.

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