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June 5, 2019
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Was married in 2016 and filing jointly now, what is correct method to add rental property to the joint return that she had already been depreciating?

  • June 5, 2019
  • 1 reply
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I added the house under Expenses/Depreciation, I added the property itself with the original basis and prior depreciation but the yearly depreciation number is calculated since the in-service date, which gives a 32 year period and a lower depreciation.

Best answer by view2

C.assets <---------<<<<< here click update

D. Vehicle Expenses

At the property asset summary screen for your property; click the edit..Answer question to set up properly in the tax program

X rental  real estate property

X residential rental  real estate

you now have a 27.5 year property for the improvement

Land is not depreciated ,so be careful of the input when you enter gross  purchase price and then the land Turbotax correctly separates  the result and depreciates only the improvement.

Review the selection as a residential rental and data entered,gets easier each time. 

1 reply

view2Answer
Employee
June 5, 2019

C.assets <---------<<<<< here click update

D. Vehicle Expenses

At the property asset summary screen for your property; click the edit..Answer question to set up properly in the tax program

X rental  real estate property

X residential rental  real estate

you now have a 27.5 year property for the improvement

Land is not depreciated ,so be careful of the input when you enter gross  purchase price and then the land Turbotax correctly separates  the result and depreciates only the improvement.

Review the selection as a residential rental and data entered,gets easier each time.