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Investors & landlords
No, TurboTax will use the correct number of years for this property. You have already accounted for the prior years by reducing the purchase cost by the prior depreciation. Any, yes, this is depreciation as a rental.
The original purchase date doesn't factor into the useful life of a rental property. When you first started renting the property, it had a useful life (according to the IRS) of 27.5 years. You took it out of service for a few years. After placing it back into service, it has another 27.5 years of life to be depreciated as a rental.
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‎April 18, 2023
7:07 AM