@bertexie wrote:
Turbotax is only showing residential real estate 27.5 yrs..... if my understanding is correct, how to I technically chose 39 yr in Turbotax?
That choice is not available because you are entering the property on Schedule E when, technically, according to Treas. Reg. §1.469-1T(e)(3)(ii)(A), you should be entering the property on Schedule C (i.e., it is treated as a business, not a rental activity).
Per Treas. Reg. §1.469-1T(e)(3)(ii): .....an activity involving the use of tangible property is not a rental activity for a taxable year if for such taxable year
(A) The average period of customer use for such property is seven days or less....
You can enter the property as a rental on Schedule E (as many do) but the recovery period will be 27.5 years.
