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buddychan
June 5, 2019
Solved

Why isn't my rental property purchase in state of WA last year being depreciated? Turbo Tax shows as 0 depreciation for the next 27 1/2 years?

  • June 5, 2019
  • 2 replies
  • 0 views
I purchased the condo for $155K on Oct. 1, 2017 and it was already rented out by the previous owner.  I did not leave there and I did not spend any money remodeling.
Best answer by Coleen3

You would need to go through the entire Rental Section to set up the details for your property. Under the Sale/Depreciation section you will enter information regarding the depreciation. (See the attached screenshots below. Click to enlarge.)

2 replies

C
Coleen3Answer
Employee
June 5, 2019

You would need to go through the entire Rental Section to set up the details for your property. Under the Sale/Depreciation section you will enter information regarding the depreciation. (See the attached screenshots below. Click to enlarge.)

B
buddychanAuthor
June 5, 2019
Thanks but I am not seeing those screenshots.  I will take another look when I get home
M
mgreenup79
June 5, 2019

Property typically doesn't depreciate because it doesn't lose value over time. (Housing bubble excepted)

B
buddychanAuthor
June 5, 2019
<a rel="nofollow" target="_blank" href="https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp">https://www.investopedia.com/articles/investing/060815/how-rental-property-depreciation-works.asp</a>

This article states it does and my friend told me it does.
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