Note: Turbotax incorrectly calculated depreciation for foreign rental properties prior to 2014 (i.e., it used a 27.5 year life instead a 40 year life). Most likely you took too much depreciation and will need to file with IRS for a change of depreciation method. You may need to hire an accountant as the form is complicated. Unfortunately, (and unconscionably) Turbotax does not support this form and will provide little assistance to you with this despite the fact that its programming bug created the problem.
Turbotax will argue that it is not responsible because you did not enter the right inputs. Yeah right. Easy Step specifically asks whether the rental property is located in a foreign country and also requires the address of the property, including the country. Even if you correctly inserted this information Turbotax would still use the wrong asset life. So who is responsible??? Turbotax screwed me and thousands of others due to this programming bug, then took no responsibility for it.
