Thanks to both Carl and Amelies Uncle.
Still not finding the right answer. I tried separating out the Carpet as a new asset (Residential R.E.) and Turbotax applied the 27.5 years to result in $1,045 which is way off the $6,256 the accountant has based on 5 YRS MACRS.
I think Amelie's Uncle is correct that it's the MACRS Turbotax uses but I can't find a combination that works.
As I've written in earlier posts, the HVAC numbers in TurboTax matched the accountant’s depreciation figure of $155. It’s just the building and carpet numbers that differed.
I'm not concerned with the $2 difference (Accountant $53,241 and TurboTax $53,239) for the building? It's the $516 difference (Accountant $6,236 and TurboTax $5,720) for the carpet.
TurboTax and my entries are:
Using In Service date of 01/01/2019 results in a Depreciation expense of $3,575. TurboTax has MACRS Convention "HY" and Depreciation Method "200DB".
As instructed, I changed the In service date to 12/19/18 [one day before the property was transferred to me upon parent's death] even though carpet was installed on 1/4/2019; 0 for 179 entry; and "half-year MACRS Convention" [Turbotax entered Amount of Depreciation taken in prior years = $3,575].
Mid-quarter year MACRS Convention resulted in $536 difference (Accountant $6,236 and TurboTax $6,792). Turbotax entered Amount of Depreciation taken in prior years = $894.
Still banging head against the wall...
Since I've asked three times if I can just change the numbers in “Form’s view” to reflect the accountant’s numbers for building and carpet and neither of you has addressed it I'm now assuming I can't which is unfortunate. Thanks!
