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Deductions & credits
I just figured out what Turbotax did. It multiplied my 343261 adjusted cost basis by .7514 (placed in service on 1 April, so used 75.14 % of the year) to get 257,926 as the "basis for depreciation." However, 257926 divided by 27.5 year life S/L is 9379.14 depreciation for 2020. Turbotax depreciation deduction is 6644. Why?
March 18, 2021
6:30 AM