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Investors & landlords
Carl,
I followed your direction, put in the cost of 135,000, then entered 27,000 for the land value. Additionally, I added up all the previous year's depreciation. I began renting the property in Aug 2018 so I had a partial year for depreciation then 2019-2021 as full calendar years. I entered this into the box asking for prior depreciation. The program figured my depreciation was 3,919, but close enough to the 3,927 my CPA calculated in a previous year before he retired. So I will go with that number. Thanks for the tips on how to correctly enter the property value and also entering all prior year's depreciation amounts.
Thanks
March 6, 2022
2:42 AM