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Investors & landlords
No. TurboTax is not going to count your depreciation twice. TurboTax asks that question to ascertain whether you can or cannot exclude any gain that may be attributable to depreciation. So in your case, you enter the same amount for the 2 questions.
The tax law changed in 1997 and you cannot exclude any gain that may be attributable to depreciation allowed after May 6, 1997.
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March 10, 2021
10:03 AM