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Deductions & credits
After adding the rental asset in Turbo Tax, how do I answer the step "Confirm your prior depreciation" step ("Amount of depreciation taken in prior years (not including any section 179 deduction or first year special depreciation allowance deduction) ")? Should the amount entered be $0 (since no depreciation was taken in prior year's returns) or should it be the 481(a) adjustment amount per Form 3115 (accumulated depreciation omitted)?
‎June 27, 2020
8:48 PM