@Kismetique wrote:
Turbo Tax allocated the entire depreciation amount to me and none to the Trust as far as I can see. I could be reading the info incorrectly however.
The default for TurboTax Business is to allocate depreciation in accordance with the allocation of rental income.
For example, if the trustee makes a distribution of 100% of the rental income to a beneficiary, TurboTax will allocate 100% of the depreciation deduction to that beneficiary. If half of the rental income is distributed to a beneficiary, then half of the depreciation will be distributed to that beneficiary.
Again, the default position is that the depreciation deduction follows income allocated to the beneficiary or trust. If your CPAs allocated all of the rental income to the trust then they properly allocated the entire depreciation deduction to the trust.
