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zeek349
Level 3
January 19, 2024
Solved

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?

  • January 19, 2024
  • 1 reply
  • 13 views
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?
This topic has been closed for replies.
Best answer by IRonMaN

You betcha!

1 reply

IRonMaN
IRonMaN
Level 15
January 19, 2024

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

Slava Ukraini!
    Z
    zeek349Author
    Level 3
    January 19, 2024

    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
      IRonMaNAnswer
      Level 15
      January 19, 2024

      You betcha!

      Slava Ukraini!
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