I can't figure out why the current year depreciation amount for my rental property will not calculate as i expect. Last year I had a tax service do my taxes, so I have the Depreciation Detail Listing worksheet from them. It has all the relevant info needed, including date in service, building cost basis (no land), business percentage, lifecycle, rate, prior depr, current depr, etc.
When I plug these values into TT, it calculates a value way higher than I believe it should be for the depr expense for the 2023 tax year.
Date in service 4/1/2004, Cost basis $43867, SL 27.5 yrs, accumulated depr=$16083. current year $1595.
I am expecting current year to be the $1595 (43867 basis / 27.5yrs = 1595), but it appears TT is using the accumulated depr amount to get the current year depreciation. If I raise the accumulated depr dollar amount in TT, it will adjust the current year depreciation amount. I can't find another way to get the calculation to come out correctly, any ideas? When I go back and look at prior year tax statements (from tax preparer service), the current year depr value is always the $1595 value. There were some years between 2004 and present where I lived in the unit and it was not depreciated as rental. Now it has been rental again for a few years.
