House: $236,580
Land: $47,316
Date I started using it in business: 8/1/2023
% of Use: 100%
Method: SL
My calculation: ($236,580-$47,316)/27.5/365days*153days=$2,885
TurboTax: $2,581
TurboTax uses the mid-month convention for calculating depreciation.
In depreciation, the mid-month convention means that an asset placed into service anytime during a given month is assumed to have been placed into service in the middle of that month. As a result, there'll be one-half month of depreciation in that month. The same is true for the disposal of an asset.
As the property was placed in service in August 2023, it's considered as used in 2023 for 4.5 months, and depreciation is calculated accordingly.
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