Based on your placed in service date, you should have taken the following depreciation:
- First year (2006) 3.182% (example - if adjusted basis is $75,000, then depreciation will be $2,386.50)
- Years 2007 through 2014 3.636% (each year thereafter same computation using the % noted)
- 2015 3.637%
- 2016 3.636%
- 2017 3.637%
- 2018 3.636%
- 2019 3.637%
- 2020 3.636%
- 2021 - just put in the date sold and TT will compute the depreciation
- You can now adjust accumulated depreciation as needed for TT to compute the correct Section 1250 depreciation recapture.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
