So I filled in purchase of price of the property ($80,000) and date of purchase (Sep 2003) in Turbotax and left previous years claimed depreciation blank since I never claimed depreciation on this property before. Turbotax is deducting the full $80,000 depreciation as an expense for 2018 and reducing my net income by that amount. Is this correct? I understand that I have not claimed depreciation since 2003 but find it odd that full $80,000 is being deducted in 1 year. Please advise.
