Investors & landlords
Yes, the foreign rental real estate will be depreciated up to 40 years. Under Property Profile section, under Business Income and Expenses tab, click update and recheck or renter the foreign address, and that should take care of the depreciation.
In TurboTax Home and Business, search for the Residential Asset Worksheet. For Recovery period, type 40. This will change the depreciation period from 27.5 or 30 to 40 years or follow the steps below:
- Under Business Income and Expenses tab, in "Tell us a little more about your rental asset" section, click the bullet "Residential Rental Real Estate", then click continue.
- Enter the property information such as description of the property, cost of the home/ land, and date property was purchased, then click continue.
- The next screen, "Tell us more about this Rental Asset", you must choose or answer the question, then click continue.
- The next screen is Asset Summary, click Show details - property depreciated for 40 years.
- Below is the screenshot of "show details" of rental property
Note: Changing the recovery period on the form may void the Accuracy Guarantee.
edited 2/1/2021 @ 3:02 PST.
