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Deductions & credits
However, 257926 divided by 27.5 year life S/L is 9379.14 depreciation for 2020. Turbotax depreciation deduction is 6644. Why?
Because that's not the way the IRS says you are required to do this. The required method is detailed in IRS Publication 946 at https://www.irs.gov/pub/irs-prior/p946--2019.pdf
For residential rental property, use the MACRS worksheet on page 38, and table A-6 on page 72 applies.
March 18, 2021
11:20 AM