- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
I think I found the answer:
Act expands TCJA change to properties placed in service before 2018
Section Title II, Section 202 amends the TCJA to allow all residential rental properties, including those placed into service prior to 2018, to use the 30-year ADS recovery period.
Implications
The changes made by the Act will provide welcome relief to taxpayers owning residential rental property placed in service prior to 2018, who otherwise were required to apply a 40-year ADS recovery period to these assets if the taxpayer elected to be excepted from the application of the IRC Section 163(j) business interest limitation rules.
I will see if I can find any other supporting articles. but I think Turbotax's calculations are correct.
BTW I did try setting up a new return and not taking the QBI deduction and depreciation remained at 30 years (which is why i applied more google-fu).