Does TurboTax Premier cover accelerated depreciation for rental property?

Forum|Forum|3 years ago
January 22, 2023
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Carl11_2

Employee

What kind of rental property? It used to be that accelerated depreciation for rental property could only be applied to qualified Indian reservation property. But as it stands now, the accelerated recovery period for qualified Indian reservation property does not apply to property placed in service after December 31, 2021.

binsealAuthor

Thanks for reply.

It is a residential rental property. I bought it in 2022. Not sure can I use TurboTax Premier for accelerated decreciation because I did a lot of improvement for the property.

Carl11_2

Employee

From what I see in IRS Pub 527, accelerated depreciation is not n available option for anything classified as residential rental real estate under MACRS. But if you have assets that do qualify, TTX can handle it just fine if you enter them under the "other asset" category.