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February 27, 2025
Question

rental expense depreciation deduction not calculating properly showing $824. i calculating $2,824.55. rented 25% of the year * depreciable amount of $309,012 / 27.5

  • February 27, 2025
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    1 reply

    February 27, 2025

    What the date purchased or date placed into service a date prior to 2024?

     

    Assuming no cost of land involved, TurboTax Premium Online computed 2024 depreciation deduction of $2,809.

     

    I selected:

     

    • Rental Real Estate Property
    • Residential Rental Real Estate

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"
    February 27, 2025

    Hello! 

    We purchased the home 08/16/2019 and started renting it 10/01/2024

    February 27, 2025

    The previous numbers reflected a date placed into service prior to 2024.  The screenshot below reflects the depreciation method used.

     

    Assuming no cost of land and the dates provided, TurboTax Premium Online computed 2024 depreciation deduction of $585.

     

    I selected:

     

    • Rental Real Estate Property
    • Residential Rental Real Estate

     

     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"