zeek349
Level 2
‎01-19-2024 01:01 PM
Where do I detail home rental income and expenses on a 1041?
Do I depreciate the cost of adding central air and replacing old furnace?
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IRonMaN
Level 15
‎01-19-2024 01:12 PM

There is a schedule E included in the software and you treat fixed assets the same as any other rental.


Slava Ukraini!
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zeek349
Level 2
‎01-19-2024 02:08 PM

Thank you.  I thought Schedule E was to support 1040 only but then looked up 1041 instructions and saw that it is used there as well for rental income/deductions.

 

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IRonMaN
Level 15
‎01-19-2024 02:26 PM

You betcha!


Slava Ukraini!

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