Family trust owns home. 2023: new A/C & furnace & other repairs. Where to enter rental inc. & exp (insurance, real estate taxes, repairs) on 1041? Depreciate A/C?

[zeek349]

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?

[IRonMaN]

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

[zeek349]

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.

[IRonMaN · Accepted solution]

You betcha!