JS521
Returning Member

TCJA rental property depreciation

I Have two rental properties that are amortized for 40 years. Turbo tax indicates I MAY have to file form 3115 due to the TCJA. Turbo tax software is still calculating a 40 year depreciation for these rentals. It would seem that the TCJA change to 30 years depreciation is optional since the software maintains the 40 year depreciation. Is this the case??

We do not have a business as such, just some rental properties. 

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The new rules based on the changes in the TCJA are effective for properties placed in service on or after January 1, 2018.

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