I've owned a Rental for several years and have been entering cost and land for TurboTax software to calculate the depreciation. I recently asked a tax accountant to review my last year's TurboTax filing. He told me that for a rental property that is a condominium I have to depreciate the full cost (what I paid for the condo), instead of just the building. Ouch!
Before I move forward, I like to understand why TurboTax did not provide the correct calculations (or verified the properly correctly). I've also searched and only found very little literature on calculating the full cost of condo rental price. Nothing other than an IRS Publication that has a small paragraph on Special Situation such as owning a Condo Rental.
I wonder who is correct, TurboTax or my tax accountant. Any advice?
Note: I've been using Home & Biz and Premier desktop versions
