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Deductions & credits
If the depreciation showing in prior years is $0 it sounds like you likely should amend the returns to show the correct amount of depreciation. You will need to set the rental home up in Turbotax as an "asset" for it to properly calculate depreciation.
The property, since it is overseas, should be depreciated over a period of 29 years.
When the property is sold, you will be responsible for recapturing the depreciation allowed or allowable so you should benefit from it in the years where you can.
If you have been reporting this for longer than it is reasonable to amend, you can also try adjusting for it in this tax year using the "change in accounting method" form. To learn more about that option see THIS thread.
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March 31, 2025
4:35 PM