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Investors & landlords
You are required to depreciate rental property, every year that property is "in service" as a rental asset. Work through the asset again in the Asset/Depreciation section. One of the screens will show a box for "prior depreciation". If the property was classified as a rental in 2018 and 2019, then there will be an amount in that box greater than zero. If this is not the case, then let us know. You may have a major tax issue.
March 31, 2021
3:11 PM