Question

Rental Property Depreciation

Forum|Forum|4 years ago
April 4, 2022
1 reply
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I am using TurboTax Premier desktop. I bought a residential condo as an investment. The condo is on Indian leased land so it has $0 land value on my property tax. Turbo is classifying it as commercial incorrectly (I believe because of the land lease) and using the 39 year depreciation schedule instead of the 27.5 year schedule.

How can I override the asset classification and change it to the 27.5 year schedule?

Thank you

You should change the asset classification to Residential Rental property. TurboTax will then change the depreciation period to 27.5 years.

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MSPS07Author

TurboTax changed my designation to commercial - I did not select commercial. I am asking how to override this change by TurboTax.

Employee

It sounds to me like you are incorrectly reporting/entering this on SCH C, when you should be entering it on SCH E. Is that the issue maybe?