By TurboTax When you rent property to others, you must report the rent as income on your taxes. But you can deduct, or subtract, your rental expenses. Explaining depreciationDepreciation is the process by which you would deduct the cost of buying or improving rental property. Depreciation spreads those costs across the useful life of the property. TurboTax Premier is designed for all levels of investing and investment types from stocks, to crypto, to ESPPs, and even rental income. It guides you through your taxes, ensuring accuracy and giving you the knowledge to take control of your tax scena…