I am trying to enter a rental property contributed by the LLC members in equal proportion that has been depreciated for 20 years. In TurboTax business, I have to enter an acquisition date for the property, but if I use that date and the adjusted carryover basis as of that date, the annual depreciation amount is incorrect because TT thinks its a new asset for the full 39 years rather than the remaining life of the transferred asset which should be 19 years.
Is it possible to enter the original date of acquisition and original acquisition amount, so the depreciation amount is correct and depreciated for the correct remaining life? How is that done?
