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March 3, 2021
Question

Rental Property Depreciation

  • March 3, 2021
  • 1 reply
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I purchased an furnishing for my rental property in January 2020.  The depreciation method is 200% Declining Balance Method.  The asset is being depreciated over 5 years.  The asset was in service for the entire year.  My manual calculation would be $220.  Turbo tax only calculates $110.  I believe Turbo Tax is incorrect.  Could you tell me the problem

    1 reply

    March 3, 2021

    What was the cost of the furnishing? Please clarify. Without a cost, I can’t tell you how TurboTax is calculating deprecation. Here is the standard 200% DDB table from the IRS.

     

    MACRS

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