I have an issue with the depreciation calculation in my 2023 tax return. Here are the details:
Cost: $1,353,000
Business use: 26.5%
Depreciable Basis: $358,545
Life: 27.5
Method/Convention: SL/MM
As I understand it, the depreciation calculation in this case is
$358,545/27.5 = $13,038.
However, TurboTax has calculated the depreciation as $27,878.
What is correct? If TT is correct what are the numbers behind it’s calculation.
