For a residential real estate asset with a cost of $50,000 placed in service on 10/1/1994, TurboTax calculates that the total accumulated depreciation as of 12/31/2021 would be $49,470. That leaves $530 to be depreciated in 2022 ($1818/12 x 3.5 months).
To confirm your entries, go to the Asset Entry Worksheet (Asset Wks) in Forms mode.
Line 3 : 10/01/1994 (or whatever date you first used the property as a rental)
Line 4 = $50,000
Line 6 = 100%
Line 10 = $49,470
Line 11 = $530
These entries will report the correct depreciation for this year.
@Powder144
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
