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Investors & landlords
Yes, you can enter the correct prior depreciation when asked for that amount. If it's easier on the spreadsheet you can choose that method and keep the information with your tax file until the house is sold.
Do not subtract prior depreciation when entering the room rental portion of the building cost. The depreciation is being tracked automatically and is not used to adjust the cost basis for the room rental.
It's a good idea to let TurboTax do the calculations using rental days which is the correct business use percentage. This does keep all details in the tax return for future.
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‎April 8, 2024
5:37 AM