I have a rental house placed into service in 2018. We rented it full time in 2018 and 2019, and took depreciation on assets for those two years. In 2020, we had it on the rental market for 64% of the year, used the house as a residence the last portion of the year. We plan to rent again in future years.
When I enter 64% for the percent of business use on the assets, TurboTab is calculating a different amount than my CPA says it should.
Example: Washer and dryer units:
Acquired: 9/01/18
Cost basis: $1,041
Business percent use: 64.00%
Depreciation basis: $666
Prior deprecation: $404
Method: 200DB HY
Life: 7 years
Current yr depreciation: $116 (according to my CPA)
vs.
Current yr depreciation: $75 (according to TurboTax
Any ideas about the difference, and is there a way to have TurboTax calculate it his way?
P.S. My accountant also has shows a "rate" of .17490 on his spreadsheet for all of the 7 year assets,
.02564 for the 39 year asset (house not including land), and .05760 for 5 year assets.
