Yes, you are correct you can depreciate the Rental Property over 27.5 years not 39
years.
Since this is a rental property you will save yourself the Social Security and Medicare tax if you set it up in the Rental Section of TurboTax.
Rental Properties are passive income and are not charged Social Security and Medicare Tax on the profits.
To enter your rental:
- In TurboTax, search for rentals and select the Jump to link at the top of the search results.
- Answer Yes to the question Did you have any rental or royalty income and expenses in 2019 for property you own?
- Follow the on-screen instructions as you proceed through the rental and royalties section.
- We'll ask you to enter general information about your rental (like description, address, and ownership percentage).
- Eventually, you'll come to the Rental Summary screen, which is where you enter your rental income and expenses, assets and depreciation, and vehicle expenses.
@jmoose
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