I have been using Turboa Tax Premier for the last 7 years, up to 2023 tax year. I switched to a Tax preparer for 2024, but entered my data into TurboTax in 2024 just to see how they compare. I see that TurboTAx appears to be doing a incorrect calculation on the Rental Depreciation of my home in California, and it is different than what my tax accountant used.
Asset Worksheet in TT 2024:
Date Placed in Service: 1/1/2017
Type of Asset: I - Residential rental
Cost of Asset: $243,000
Amount of land in cost: $72,900
Depreciable basis: $170,100
Recovery Period: 27.5
Perc Bus use: 100%
Dep Type: MACRS
Asset Class: R
Dep Method: SL
Amt Dep deduction: $6,537. ???
If I divide 170,100 / 27.5 it is $6,185 (Which is what my Tax accountant had)
All the other questions on the worksheet are No/N/A.
I see other incorrect calculations o[n otehr Assets I had for 27.5 years.
