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Deductions & credits
You'll need to set up those assets, that used 10 year straight line depreciation, as Asset Type: O-Other (you must enter all data).
- On the Here's XXX rental property info screen, scroll down to Assets and Edit.
- On the Your improvements, furnishings, and other assets screen, scroll down to Add asset and continue. Note: If you've already set up these assets, you'll need to delete them. Click on the pencil icon and on the next page, Delete.
- On the Your property Assets screen, Add an asset.
- On the Describe This Asset screen, scroll down to Intangibles, Other property and Continue.
- On the Tell Us a Little More screen, select Other asset type and Continue.
- Continue with the onscreen interview entering each asset until complete.
Related information: IRS Publication 946 How to Depreciate Property
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‎February 20, 2023
10:49 AM
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