Please see the following TurboTax FAQ: How do I fix my Rental Properties and Royalties (Sch E) to file my 2020 return?
On your rentals, depreciation (also called capitalization, cost recovery, or amortization) lets you deduct the "used up" portion of an asset's cost every year, until the asset no longer retains any value or has been sold, destroyed, or otherwise disposed of.
- The concept of depreciation is based on the notion that business assets eventually wear out, get used up, or become obsolete.
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