- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
Hello Split. I have read in posts in the Turbo Tax community that TurboTax may have a way (or ways) to link properties, but have never have tried to do it myself. In my opinion, the fact that you sold in 2019 and replaced the sold property in 2020 is inconsequential in regards to what you have to do.
Believe that main issue you are facing is the carrying over of the depreciation from the relinquished property to the replacement property. There are two acceptable ways to do this that I am aware of, and regardless of which one you choose, if the properties are not linked, then you will have to manually create all the assets you were depreciating for the relinquished property for the replacement property. The depreciation schedule for each asset will be determined by which method you decide to use to depreciate the carried over assets.
Hope this helps.