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Investors & landlords
No depreciation adjustment is needed if you now rent a prior short-term rental all year. Work through the property information and change your answers according to the current situation. Your business use percentage will in most cases now be 100%, which TurboTax will use to calculate depreciation on the remaining basis.
Note that bonus depreciation was claimed as a rental expense in a prior year. While your property basis was reduced by this election, you won't need the information until and unless you sell the property. Keep good records.
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‎February 17, 2025
8:02 AM