I have trouble entering new rental roof for depreciation

Forum|Forum|6 years ago
February 20, 2020
1 reply
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I need step by step to enter new roof on rental property. Tips say assets/depreciation select residential

rental estate. Then you have to select a lot of other steps and I don't know which one to get the 27.5 depreciation. Keep getting 5 yr. I am senior need help. thank you,.

Depreciation

AmyC

Employee

Glad to guide you through the screens:

Log into your return
Income and Expenses
Rental Property, edit.
Review your rental summary, scroll down to sale of property/depreciation
Select Edit/update
Do you want to go directly to your asset summary?
Yes
Continue
Click the tiny words, Add an Asset
screen says -Describe this Asset
Select Rental Real Estate Property
Continue
screen says -Tell Us a Little More about your rental Asset
Select Residential Rental Real Estate
Continue
screen says -Tell Us about this Rental Asset
Describe ROOF
Cost: enter your amount paid
Continue
screen says -Tell Us More about this Rental Asset
Select I purchased this asset new.
Scroll down
see have you used this item 100% for business
Select yes and enter the date it was finished
Continue
The asset summary - click show details and there is 27.5 year roof.

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fanbufanya

I have been depreciating the rental property for two years. Last year I replaced roof and now followed all instructions in turbotax for this new asset depreciation. However, the estimated expense for the asset is $107 for a $5450 roof, 50 years of depreciation?

The summary says years to fully depreciate is 27.5 years.

JamesG1

I was able to add a roof to a residential rental property in TurboTax Self-Employed and the default was 27.5 years.

Even under 27.5 years, I will grant you that the depreciation expense allowed for the year is a low number compared to what would have been paid outright for a new roof.

But this number is generated right out of the IRS depreciation tables.

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