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February 28, 2024
Question

Rental property depreciation

  • February 28, 2024
  • 1 reply
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I converted my residence to rental property.  TT says on one screen that I can depreciate over 27.5 years but the calculation on the following screen is uses 30 years. Also, TT keeps using the higher market value at conversion date rather than lower cost basis for determining depreciation basis, which I don't think is correct.

1 reply

February 28, 2024

When I create the asset, I choose Residential Rental Real Estate, and both TurboTax Online and TurboTax Desktop selects 27.5 years to depreciate.

 

 

In addition, the two costs for the cost basis for property converted to business use are not entered into the software.

 

 

Are you using another version of TurboTax?  Please clarify.

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