Re: Depreciation of rental property rented after a...
Level 15

Investors & landlords

The TurboTax program flat out can not handle your situation "correctly" without you doing some manual finagling.

I can help you with details here, now that things have slowed down a bit since the 2019 tax filing season is over. But I need details.

- On what "exact" date was the property originally placed in service? (The depreciation start date)

- On what "exact" date did you convert the property back to personal use ans stop depreciation?

- What is the cost basis of the structure that was depreciated? To get that, you need to look at your 2014 tax return. In that package is IRS Form 4562. There are two 4562's for that specific property and they both print in landscape format. The one I want the numbers off of is titled "Depreciation & Amortization Report".  I need the figures from the following columns:

Cost (net of land)

Prior year Depr

Current year Depr

 

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