@asdfg1234 wrote:
However, wasn't it supposed to be ($540,000-$500,000)/27.5years=$1454?
Is this for the 2022 tax year?
Note that the difference between the $1,454 you calculated and the $1,394 TurboTax calculated appears to be due to the mid-month convention.
Residential rental real estate is treated as having been placed in service at the mid-point of the month, not the beginning (i.e., placed in service on 1/1/2022 would mean depreciation begins on 1/15/2022 - half a month for the first month).
