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K
kpascard
February 16, 2024
Question

Former Tax Prep entered HY 20 year depreciation on rental property improvements

  • February 16, 2024
  • 1 reply
  • 0 views

My former tax preparer was able to use a 20 yr depreciation schedule on improvements to a rental property.  What asset type should I select with a 20 year depreciation schedule?

1 reply

T
ThomasM125
February 16, 2024

I'm not sure how your accountant was able to use 20 years, but your only option in TurboTax without doing an override would be to depreciation land improvements over 15 years. When you enter the property you will be asked to enter the accumulated depreciation from previous years and that should allow TurboTax to properly calculate the correct depreciation going forward. 

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