To test to see if the program is working correctly, I used the same scenario and put the rental unit into service prior to 2017. I was able to claim the 40 yr ALT/MM. Here is a sequence of steps to follow.
- First delete the rental unit information you have already entered. After deleting the entry in the step by step method, go to the forms mode and see if any forms or worksheets that still inhabit the program. Select each of these forms and delete them in your program so no contamination will occur when you renter this information.
- Next update your Turbo Tax software program by going to online>check for updates if you are using windows.
- Next reenter the rental information by going to federal taxes>wages and income>rental properties and royalties.
- Next begin entering information about your rental property
- When you reach a section that asks Is your property in Any of These designated Areas, you indicate that your assets are outside the United States.
- After entering your property profile, you will reach a summary page. Go to assets/depreciation to begin recording information to determine your depreciation for the year.
- Begin entering information. Be sure to list your date you placed it in service prior to 2017 and not 2017.
- After the depreciation has been calculated, there will be a page that will inform you what your depreciation expense is for the year. Click the details box to see if you are receiving the 40 yr MM/ALT standard.
- Let me know if this works.
[ Edited 03/22/22|06:04 PM PST]
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