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Deductions & credits
I have a rental property and placed an asset in service in 2019 with 5 year depreciation. On my 2019 returns, the depreciation amount was calculated to be 1/5 of the total value. However, for my 2020 returns, the software calculates the depreciation to be much higher than in 2019. Shouldn't it be 1/5 for each year of the 5 years? I checked the total value and the number of years for depreciation, no errors. Shall I accept the amount automatically calculated? If not, I can't find where I can manually change the depreciation amount (since the total value and the number of years for depreciation are correct).
May 2, 2021
11:11 AM