Depreciation for residential rental property

mpking1000 · ‎July 2, 2020

Hi all,

My mom moved out of her home in March 2019 and we put her property up for rent and earned rental income starting in October 2019. We depreciated the rental property, but I can't understand why there are two entries in Form 4562 and the worksheets, one entry is the rental property and the other says "Residential". Both entries are nearly identical (except for minor basis differences) including date in service. Is this supposed to happen? where does this come up? i saw something about 2019 increase in depreciation by 50% but wasn't sure this is how it's being shown or is this subject to some other rule?

Thanks!

MK

AmeliesUncle · ‎July 2, 2020

It sounds like you may have accidentally entered it twice. Go back to the Assets/Depreciation section and check if there are accidentally TWO "assets" for the house. If so, delete one.

mpking1000 · ‎May 1, 2021

Thanks for the response but I checked and it wasn't included twice. I don't understand why in the IT-196 deductible home mortgage interest worksheet, total interest reported on 1098 and Qualified mortgage interest (reported on Form 1098) from Schedule E worksheet would be added together under Adjusted total inters/points reported on Form 1098. where is the guidance i can turn to?

Depreciation for residential rental property

Investors & landlords

Investors & landlords