In 2019 we bought a property that we used as a short term rental. Since this was new for us we used a tax prep service last year. So last year, our taxes start taking depreciation on the property over 27.5 years at a rate of 2.273. This spring, we refinanced.
When I go under the Assets/Depreciation of the property section it does not give me the option to depreciate the unit (part of a multiunit complex). Currently we have a net loss with the property in Turbotax. Did the refinancing affect our ability to claim depreciation, is it not an option since we are at a loss or am I doing something incorrectly?
Thanks!
