Thank you for replying to my question.
I tried changing the type to Z and putting in all my information but when I get to the "Asset Class" if I put in Rental Real Estate, it still won't let me change the Recovery period of 27.50 yrs.
If I put "no entry" in the Asset class, it will let me put in 17.93.
Should I leave it as no entry? I'm afraid I'm creating more problems by not having the property be classified in the correct class.
Here's what else I've tried:
I put in all the original information from the relinquished property, ie the date in service (ie 10/01/11), original purchase and land and also the Prior Depreciation. Turbotax them generates the correct payment schedule of the first property. Then I go in and change the Date in Service to the purchase date of the replacement property (ie 9/28/23). Turbotax then generates an Asset Life History that is basically correct but it's starting on 9/28/23 and going for 27.5 yrs. Can I just use that schedule, but only record depreciation for the first 17.93 yrs?
That does mess with the basis of the replacement property.
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