I'm taking over from a CPA and using turbotax Business to fill 2024 1041 return
When I depreciate a water heater for a residential rental property, I'm surprised that TurboTax uses 200DB/HY even though I specified that the "Date in Service" is 11/15/19.
Here are the parameters:
Description: Water Heater
Date in service: 11/15/2019
This asset was used 100% for business
Description of asset: Tools, Machinery, Equipment, Furniture -> Rental property furnishing
Amount paid: $1099.
No special depreciation deduction in prior years.
When I take a look at Form 4562, TurboTax uses 200DB/HY when it should be 200DB/MQ since the asset was put in service the last 3 months of the year.
What am I doing wrong?
