Yes, TurboTax will track the actual depreciation taken on a rental property, but once you start your depreciation on a rental, you can't change it without requesting permission from the IRS.
If this is the first year of rental use, you can make some choices to reduce the amount of depreciation you take each year.
The amount of depreciation is on the building only, so you can estimate the land value a little on the high end to reduce your depreciation. Keep in mind you may have to defend your figures at some point, so the figure must still be reasonable.
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