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Investors & landlords
New rental property line, then add a new asset, you will see the options that will allow you to entry the percentage of time used for this business.
Unless it's been fixed, (and I doubt it has since it's been wrong for several years now) that "percentage of time" question in the assets/depreciation section should be asking you for "percentage of floor space". If you enter percentage of time there, you can expect the depreciation to be wrong.
To confirm see IRS Publication 946 at https://www.irs.gov/pub/irs-pdf/p946.pdf and use the MACRS worksheet on page 36. For line 6 of the worksheet, table A-6 on page 71 applies. I'd be interested to know if the program figures it correctly for the 2022 taxes.
March 29, 2023
6:15 PM