@dwestrich60 wrote:
...The "Asset Entry Worksheet" shows a "Recovery period" of 27.5 [years] and "Year of depreciation" of 17 [years] which I think means that there are 10½ years of depreciation remaining on the property, so I would like it to be correct...
If possible, it would be optimal if you could locate the prior year returns for your wife in order to simply add the depreciation deductions to arrive at an aggregate. However, that is probably not even a possibility, I would imagine so you will have to presume (and hope) that the deductions were correct.
In that regard, you can enter the basis for depreciation in TurboTax and simply accept the figure that the software returns. One thing to keep in mind is that outside of the first and last year, the depreciation deduction on residential rental property (defaulting to the straight-line method over 27.5 years) is 3.636% of the basis for depreciation (.03636 x basis for depreciation).
