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Get your taxes done using TurboTax
Does anyone know how TTX calculates the final year depreciation for a rental property that was sold on 8/27/20?
I used the MACRS straight line, mid-month, 27.5 years depreciation system. I divided the amount to be depreciated over 27.5 years (Cost (Net of Land)) by 27.5 and multiplied it by 7.5/12 (0.625), and I got a different result compared to TTX.
May 7, 2021
3:59 AM