Investors & landlords

ErnieS0 · ‎January 20, 2021

What @ColeenD3 means by “entered into service” is the date you started renting the property. TurboTax will ask for two dates: (1) Date purchased or acquired, and (2) The date you first started using the property for business (entered into service date). These dates may be different if you converted a property from personal to business use.

To correctly calculate foreign depreciation, it is important to have to correct property profile in TurboTax Desktop/CD.

Go to Rental Property and Royalties,
Continue until you reach the Review screen.
Start/Update General Property Information in Property Profile.
Choose Foreign County in the property information screen (Is This a Rental Property or Royalty?)
Fill in the foreign address and country,
Continue filling in information until you reach Is Your Property in Any of These Designated Areas?
Select Assets for this property are located outside of the United States or United States possessions,
Select All of the assets for this property are located outside of the United States or United States possessions.

This will set up foreign depreciation.

Go to Assets/Depreciation,
Select Add an Asset,
Fill in the information about your property,
Click Show Details in Asset Summary. If you entered everything correctly, you should see 30-year depreciation and ALT Depreciation Method.

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