I started renting my property in 2019 and calculated depreciation for my 2019 returns. To do this, I used my original home cost, original home buying fees, improvements, determined % of building vs land from 2019 property taxes etc. etc.
The property was still rented for the whole of 2020. Turbo-tax has automatically filled in the depreciation for 2020, based on my 2019 information.
My question is, is this correct? Or, do I need to re-calculate depreciation based on my 2020 property taxes etc. I also refinanced in 2020. Does this affect the depreciation calculations? Or can I just use the value pre-computed by turbo-tax?
Thanks!
