Question

Impossible to select correct Home Depreciation Type

Forum|Forum|2 years ago
March 2, 2024
1 reply
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I own a home in a foreign country. In my previous Tax Returns, my accountant used ACRS-40 as a Depreciation Type. I am using Turbo Tax Premier and regardless of what I select, I cannot use ACRS-40 it looks like. The property was declared as foreign in all the place it requested this type of information.

What to do!?

M

mglauner

If you own a Foreign Rental Property, depreciation is 30 years if placed into service after 2017.

If placed into service before 2017, depreciation is 40 years.

This is entered in the Rental Asset section.

In FORMS mode, on the Asset Entry Worksheet, select 'ALT' on Line 47, Depreciation Method.

Here's more info on Foreign Rental Depreciation.

@taxdumb1

T

taxdumb1Author

@mglauner Thank you for your answer!

Last year's accountant used ACRS-40; accountant the year before, they used ADS-30. So did they both completely messed up?

I purchased the property on 09/01/2018 and starting using it for rental income on 03/01/2020. Does that mean my "placed in service" date is 03/01/2020?

Thank you again!