I'm trying to describe my residential rental property in turbotax and it only allows for nonresidential real estate, retail, restaurant, or leasehold improvement. None of these apply. I input rent, interest, management fees, and tried to enter this year's depreciation amount from my manager's summary. The turbotax is somehow coming up a different depreciation amount. The list indicates it is using a 15 year depreciation life, but my manager's summary lists 27.5 years for the building and 15 years for improvements.
Am I using the wrong product?
Should I just go with the depreciation amount the turbotax is indicating? ($4368 vs. manager's amount of $1486)
I also don't understand what MACRS convention is.
