DianeW777
Expert Alumni

Investors & landlords

First, TurboTax will ask for prior depreciation when you enter each asset if the date placed in service is prior to 2023.  Inside of any asset is the only place you will see this when completing your tax return.

 

Depreciation is calculated each year using the original basis and the original basis is never adjusted for depreciation or anything else. This answer refers to the business percentage of the cost basis.

 

I suggested you do the calculations manually because you know exactly what you need to enter for the home and the expenses.  You should definitely calculate the portion of the home, then you can let TurboTax do the calculations by days of use percentage for all other expenses.

 

@LuLuna 

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