Return to the Rental section and select Review. Then select Assets/Depreciation and select Update. On your Asset Summary, select Edit for the house. On the "Describe This Asset" screen you should select "Rental Real Estate Property" on this screen. On the next screen "Tell Us a Little More About Your Rental Asset" select "Residential Rental Real Estate". That will tell the program that you have a residential rental property that is depreciated over 27.5 years.
If you have an existing rental property and using TurboTax for the first time (for this property), you may want to consider using TurboTax Desktop (if you aren't already). The Desktop (CD/Download) version has a "Forms" option that lets you see your tax forms and worksheets (including Asset Entry Worksheets). This option allows you to make entries directly on the forms and schedules. This can be especially helpful for existing rental property. You can verify the accumulated depreciation calculated by TurboTax (based on your entries) and adjust to actual if need be.
For more information on The Desktop - CD/Download program go to:
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