Hi all,
New to TT Desktop H&B this year so appreciate the help.
I have a rental property overseas was purchased and put into service on December 6, 1996. Rented out 100% each year. My accountant has been preparing my return for the past 10 years until he retired. After reviewing my return for the past 2 years in detail, doing it myself in 2024. The rental was elected to use the ADS method in year 1 and has been depreciating using that following a 40 year useful life and MM convention. Was entering in my 2023 info to see how TT works and in most cases it is correct. When I enter in a basis of $76,501, the depreciation for the year should be $1,913. On my depreciation report for this asset, it calculates depreciation of $4,615 but the AMT report has the correct depreciation of $1,913. It should be the same as both are using the Alternate method with MM convention and UL of 40. Why is the depreciation report and AMT report depreciation different? What do I need to adjust in the asset worksheet to get this to be the same being $1,913.
Thanks
