@ahardy1 wrote:
TT desktop is recommending the standard deduction which is only 1/2 our expenses.
We did not know to take the section 179 depreciation last year
- does it make more sense to amend that return, or is it better to file a 3115 for this year instead? (this year is much simpler, tax-wise)
- Do we have to pay for a service to do the cost segregation study or can we do this in TT (or some other way; maybe the IRS instructions)?
Rental deductions are completely separate from the Standard or Itemized deductions.
Section 179 has complications, especially for rental property. I suspect you'll want to use Bonus Depreciation instead (also called the Special Depreciation Allowance).
If you have not filed 2023 yet, you need to amend 2022 to make the corrections.
You report the value of each asset in TurboTax. To come up with the valuation of each asset, hiring a third-party company to do that valuation is common. But if you feel you can get an accurate valuation for each asset some other way, you are welcome to do that.
