We converted our primary residence to a rental on April 16, 2017. I calculated our adjusted cost basis from the original purchase price plus improvements ($260,000) minus the cost of the land at the time ($150,000), which is $110,000. Our rental income for 20167was $15,200, and our expenses were $15,182. After entering all our information for the rental property, Turbo Tax is saying our rental depreciation allowable is only $18.
Our rental property summary says our depreciation is only $18. But under "Your property assets" it says depreciation is $2150. I'm confused why it calculates it at $18?
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