I read the help information on depreciating a new roof for a rental property. I had no problem doing it with turbotax, premier edition. However, I am confused. The cost of the roof was $15000. I checked and turbotax depreciated it over 27.5 years. I calculated the amount to be 15000/27.5 = $545.45. Turbotax gave me a value of $295. Why? Thanks. Jim
First year depreciation deduction would be a partial year, not the full year deduction.
When did you place the roof into service (i.e., completed construction)?
Residential real estate uses a recovery period of 27.5 years and the mid-month convention. For example, if the roof had been finished on April 4th, then it would be treated as having been placed in service on April 15th.
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