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Get your taxes done using TurboTax
Thanks @Vanessa A . That makes sense. Since I have been chasing the value of the property, I guess the "prior depreciation" is wrong. Should I adjust it in the 2022 tax return?
If so, would this be the right way:
For example, cost of property $100k, cost of land $20k. I started renting it in Dec-01-2018 (full month).
So the depretiation per year would be $80k/30 = $2,667 per year (30 years depreciation because it is a foreign asset).
And the depreciation for one month $2,667/12=$222
The depreciation for the 3 year period 2019-2021 would be 4 x $2,667= $10,668
Plus the single month in 2018 - $222.
So the total accumulated prior depreciation to be input would be: $10,890?
March 27, 2023
8:25 PM