HelenC12
Expert Alumni

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).

 

  1. On the Here's XXX rental property info screen, scroll down to Assets and Edit
  2. 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.
  3. On the Your property Assets screen, Add an asset.
  4. On the Describe This Asset screen, scroll down to Intangibles, Other property and Continue.
  5. On the Tell Us a Little More screen, select Other asset type and Continue.
  6. Continue with the onscreen interview entering each asset until complete. 

Related information: IRS Publication 946 How to Depreciate Property

 

 

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