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TurboTax BUSINESS Question
I just started my 2019 1065 return for my multi-member LLC that holds my rental house and I'm running into an issue with the software calculated depreciation. I bought the property in April 2019 and placed it into service in May 2019. When I add it as a rental asset in Turbotax Business, and go through the various questions, it asks me to confirm prior year depreciation, even though I entered May 2019 as the placed in service date. When I look at the Asset Life History Form it's showing an amount for prior year depreciation. I don't understand why it's assuming prior year depreciation when I only bought the place last year!?
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‎January 20, 2020
7:54 AM