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Employee
February 7, 2023
Question

Total depreciation for sale

  • February 7, 2023
  • 1 reply
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I sold a rental that I lived in and then converted to a rental….so the cost basis is on my original purchase amount and not the fmv I entered at conversion which TurboTax depreciates off….so I am doing special handling and reporting the sale under the “sale of business property” option….they want the total depreciation to enter…..so for “special depreciation allowance” items I have on my assets list  I include the full amount i took in the year I placed it in service?  Basically all the deprecation I have claimed in past years ? Special and bonus and the multi year items.?

    1 reply

    February 7, 2023

    Yes, all of the depreciation, including the Special Depreciation Allowance.