MarilynG1
Expert Alumni

Deductions & credits

@paulreese18 You can't 'catch up' on Depreciation of Rental Property if you didn't claim it in the past.  The IRS calculates your depreciation at sale as if you had claimed it.

 

Enter your Rental Property as an Asset in the Rental Section, with the Cost Basis (for the 20% rental portion) at the time you started renting it (original cost plus any improvements).  When you enter your Sale Info, Prior Depreciation will be calculated for you.

 

You would not make any depreciation adjustments for fluctuating currency exchange rates.

 

Click this link for more info on Selling Foreign Rental Property.

 

This link gives instructions for How to Report Sale of Rental Property

 

 

 

 

 

 

 

 

 

 

 

 

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